LAVCA | The Association for Private Capital Investment in Latin America
  • About
    • About LAVCA
    • Board, Team, & Advisors
    • Media
    • Contact
  • Members
    • Membership Benefits
    • Current Members
    • Member Access
  • Education & Programs
    • About
    • LAVCA Week
    • Calendar & Past Programs
    • LAVCA Education
  • Research & Directories
    • LAVCA Research
    • Industry data
    • LP Survey
    • Directories
  • ESG & Impact
    • Deal Book
    • LAVCA ESG Deal Awards
    • Impact Report
    • ESG Guidelines
  • Articles
    • Featured Articles
    • Industry News
  • VC
  • Member Login
  • Member Access

LAVCA | The Association for Private Capital Investment in Latin America

A non-profit member organization

  • About
    • About LAVCA
    • Board, Team, & Advisors
    • Media
    • Contact
  • Members
    • Membership Benefits
    • Current Members
    • Member Access
  • Education & Programs
    • About
    • LAVCA Week
    • Calendar & Past Programs
    • LAVCA Education
  • Research & Directories
    • LAVCA Research
    • Industry data
    • LP Survey
    • Directories
  • ESG & Impact
    • Deal Book
    • LAVCA ESG Deal Awards
    • Impact Report
    • ESG Guidelines
  • Articles
    • Featured Articles
    • Industry News
  • VC

Mexican Government Passes Fintech Bill

March 1, 2018
Mexico Government, LAVCA, Venture Investors

Mexico’s lower house of Congress has approved a bill to regulate fintech startups.. The law will provide regulatory certainty around issues such as crowdfunding, payment methods and rules surrounding cryptocurrencies such as bitcoin.

(Reuters) – Mexico’s lower house of Congress approved a bill to regulate the fast-growing financial technology sector on Thursday, including crowdfunding and cryptocurrency firms, putting it among a small group of countries to establish regulation for the industry.

The bill, which seeks to promote financial stability and prevent money laundering, was approved by Mexico’s Senate in December and now awaits President Enrique Pena Nieto’s signature.

Regulators will soon begin crafting so-called secondary laws, which will determine key details for companies in the sector.

The law will give fintech companies greater regulatory certainty around issues such as crowdfunding, payment methods and rules surrounding cryptocurrencies such as bitcoin.

The law permits open banking, or the sharing of user information by financial institutions through public application programming interfaces (APIs).

“Open banking recognizes that the information in the hands of the financial institutions is the property of the user, not the institution’s, and that it can be brought to other financial intermediaries,” said Francisco Mere, president of the association Fintech Mexico.

Under the law, small and medium-sized banks as well as startups would be able to use information from clients of large banks through APIs, provided that users give authorization.

“This will allow better services, better costs and more inclusion,” Mere said.

The law’s backers say financial services in Mexico will improve as new players begin to compete with traditional banks.

The law was crafted in general terms, and key details will be determined in the coming months by banking and securities regulator CNBV, the central bank and the finance ministry.

Mexican Government Passes Fintech Bill was last modified: March 12th, 2018 by Editor
FintechMexican GovernmentMexicopublic policyRegulationstartupsTechnologyVCVenture
0
Facebook Twitter Google +

Categories

  • Deals
  • Exits
  • Regulatory
  • M&A
  • New Funds & Firms
  • Partnerships

Sign up for LAVCA’s bi-weekly Latin American Private Capital Update and the LatAm Venture Bulletin, produced specifically for venture investors, entrepreneurs, and technology startups in the early stage ecosystem.






Which LAVCA Newsletter would you like to receive?

Tweets

  • Check out this week's top #startup deals and news on emerging tech in #LatAm from LAVCA's #LatAmVentureBulletin:… https://t.co/EGqcpaNmtM

    24-Mar-2023

    Reply Retweet Favorite
  • Check out this week's top #startup deals and news on emerging tech in #LatAm from LAVCA's #LatAmVentureBulletin:… https://t.co/qbcww648hh

    10-Mar-2023

    Reply Retweet Favorite
  • This International Women’s Day, LAVCA celebrates top and emerging women in Latin American Tech. View list of 2022… https://t.co/VRQB1FYtCJ

    08-Mar-2023

    Reply Retweet Favorite
  • LAVCA's Director of Research Emanuel Hernandez presented insights on the latest industry trends from LAVCA's recent… https://t.co/KKNTZ4ErNB

    08-Mar-2023

    Reply Retweet Favorite
  • LAVCA's Executive Director @naitafur led a discussion on the regional investment outlook during a panel entitled “V… https://t.co/LGgkBUfNpF

    08-Mar-2023

    Reply Retweet Favorite

Keep in touch

Twitter Linkedin Youtube

About LAVCA

 

LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

LAVCA Office

    New York City:
    589 8th Ave, 18th Floor
    New York, NY 10018

Explore LAVCA.org

  • About LAVCA
  • Board, Team, & Advisors
  • Media
  • Contact Us
  • Membership Benefits
  • Members Only Access
  • Education and Programs
  • Research
  • Policy
  • LAVCA VC
  • Contact Us

@2020 - LAVCA. All Rights Reserved.


Back To Top