In Mexico, 85 Fintechs are seeking permission to operate
Source：Reuters Mexico
From：Taiwan Trade Center Mexico
Update Time：2019/10/19
Mexican banking regulator CNBV said it received applications from 85 companies to formally operate in the country under its new fintech law as the government of President Andres Manuel Lopez Obrador pushes for more financial inclusion.
The government has been looking to both banks and fintechs as it aims to reduce cash in circulation to cut down on money laundering and corruption, and to draw more people into the formal economy.
Of the 85 fintechs, 60 applied to operate as electronic payment processors and 25 as collective financing companies, the CNBV said in a statement. It did not specify when the authorization process would be completed.
The CNBV said fintechs that have not yet sought authorization were no longer allowed to operate in the country and would face sanctions if they did. The Mexican Fintech Law was issued in March 2018.
In Mexico an estimated 44% of the adult population own no financial products. Many are put off by steep banking fees and past scandals, or they are too poor to save. Others shun the formal banking system to stay off the radar of tax collectors.
Efforts to increase financial inclusion have been led by Mexico´s Finance Minister Arturo Herrera, who told Reuters in an interview earlier this year that the government planned to transition to direct deposit or digital wallets to dispense welfare benefits.
Source：https://www.reuters.com/places/mexico