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CNBV Authorizes the First Fintech Companies in 2024

The CNBV authorizes Pago Confiado, based in Guanajuato, as the first Financial Technology Institution (IFPE) in 2024, bringing the total authorized fintech firms in Mexico to 76 under the Fintech Law. Pago Confiado, registered since September 2022, focuses on providing financial services to Mexican migrants in the United States and their families in Mexico.




The National Banking and Securities Commission (CNBV) published the official letter for the authorization of an Electronic Payment Fund Institution (IFPE), it is the first Financial Technology Institution of 2024 to obtain the endorsement and whose official letter was published this Tuesday in the Official Gazette of the Federation (DOF).

Read more about the authorization given to companies by the CNBV in Mexico, and find the latest business news of the day with our companion app Born2Invest.

CNBV authorized Pago Confiado to operate as a fintech company in Mexico

This is Pago Confiado, a firm based in Guanajuato that joins a universe that amounts to 76 firms that are already authorized under the terms of the Law to Regulate Financial Technology Institutions, also known as the Fintech Law.

“The members of the Interinstitutional Committee, in accordance with Articles 11 and 35 of the Law to Regulate Financial Technology Institutions, unanimously agreed to grant authorization for the organization and operation of an Electronic Payment Fund Institution to be called Pago Confident”, can be read in the letter.

Pago Confiado is an entity registered in the Public Registry of Commerce since September 2022, its main shareholders include Deirdre García Cienfuegos and the company Fiado, which is part of a conglomerate of the same name that offers financial services to both Mexican migrants in the United States and their families in Mexico.

On the other hand, in the Catalog of the Financial System, the Lendera Collective Financing Institution (IFC) is already listed, although its office has not yet been published in the DOF, its status in the catalog is authorized, that is, it has not yet started activities.

54 institutions are already authorized by the CNBV

Director of business and personal banking at Hey Banco to continue growing and developing products and services, according to information published on its website. If Lendera’s authorization is published in the coming days, the regulated universe would amount to 77 Financial Technology Institutions, with 52 IFPEs and 24 IFCs.

The average time for the process to be regulated, from the request to the publication of the official letter in the DOF, is 796 days.


(Featured image by Jonas Leupe via Unsplash)

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First published in EL ECONOMISTA. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Sharon Harris is a feminist and a part-time nomad. She reports about businesses primarily involved in tech, CBD, and crypto. She started her career as a product manager at a Silicon Valley startup but now enjoys a new life as a personal finance geek and writer. Her primary aim is to provide readers with a new perspective on the overlapping world of finance and technology.