CNBV Calls for Unity in the Mexican Fintech Sector to Drive its Development

The National Banking and Securities Commission (CNBV) called on the financial technology sector to create synergies and boost the development of the country’s financial sector. In the framework of Finnosummit 2023, Jesús de la Fuente Rodríguez, who presides over the agency, was invited to take advantage of the ecosystem’s potential.

“I celebrate the realization of this space that promotes constant communication because we must unite to overcome the challenges that arise in the fintech sector. Let’s make history together, our country needs it,” said de la Fuente.

In addition, the President of the Commission agreed with what was mentioned by the Undersecretary of Finance and Public Credit, Gabriel Yorio, who during the First Fintech Week, highlighted Mexico’s potential to become the main fintech innovation center in the world.

“We are working so that a clear, adequate legal framework that fosters innovation and fair competition is promoted. It is also essential that the players in the fintech sector act in a transparent manner, complying with the corresponding legal provisions to guarantee above all stability, proper operation, and security for users,” said de la Fuente.

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CNBV was present at the Finnosumit

The fintech sector is made up of 650 identified firms, according to the latest Fintech Radar Mexico 2023 published by Finnovista. The ecosystem has had a compound annual growth of 19% since 2019, when around 394 firms had been identified, just one year after the publication of the Law to Regulate Financial Technology Institutions or Fintech Law.

“Undoubtedly, as of 2018, we have seen that financial technology institutions came to revolutionize the use of technology in financial services,” De la Fuente expounded.

He indicated that cybersecurity should be a topic of occupation for all participants in the sector. In this context, 62% of the fintech companies that appeared on the radar mentioned having robust and updated systems to face cyber threats.

After six editions of Finnosummit, for the first time, there is a diverse audience, highlighting the presence of the regulator.

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(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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