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.
Read more about CNBV and its opinion about the Mexican fintech sector with our companion app. The Born2Invest mobile app keeps its readers up to date with the most important business news of the day.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [++ KuCoin Affiliate Program Review]
This week, we answer the two questions on everyone’s lips — What do SJWs and e/accs have in common? And...
BIPV Boom: By 2032, Building Integrated Photovoltaics Will Be Worth Over $143B
The next moves by the European Commission and the trend toward a real estate stock composed of Zero Emission Buildings...
French Fintech Company Qonto Launches SME Financing in Italy
Qonto is expanding its financial solutions for SMEs and professionals in Europe, launching the option for companies in Italy to...
Trusters and Leone Investments Finally Receive Approval Under EU Regulation
After almost a month under the new EU Regulation, two platforms, including the historic Trusters launched in 2018 and the...
Coinbase Wallet Has a New Feature: Send Crypto via Web Link
The exciting part is actually in the small print: This is because Coinbase covers the fees for transactions via stablecoin...
Fintech1 week ago
What Fintech Trends Will Mark 2024 in Latin America
Fintech3 days ago
Of the 346 Fintech Companies in Colombia, 35.6% Focus on the Digital Credit Market
Impact Investing1 week ago
Why the Carbon Credit Market Is Not Working
Cannabis2 weeks ago
Germany Plans to Legalize Home Cultivation and Possession of Cannabis as of April 1st, 2024