Medá, RhinoPay and Albo, in the prelude to enter the regulated fintech world


The National Banking and Securities Commission (CNBV) wants to expedite the authorization requests of companies that seek to operate under the law to Regulate Financial Technology Institutions, known as the Fintech Law, and in this sense, three more authorizations will be published in the coming days, which will be added at 30 published by the regulator since January 2020.

According to information collected in the Catalog of the Mexican Financial Systemwhich operates the CNBVthese entities would be Medá, RhinoPay (Liftoff) and Albo, which would receive their authorization as Electronic Payment Fund Institutions (IFPE).

This Wednesday, May 11, the CNBV published in the Official Gazette of the Federation the authorization of Payment Market (MercadoLibre SA de CV) to operate as IFPEas well as to Red Sunflower Y I lend you to function as institutions of Crowdfunding.

“The institution will be subject to the supervision of the National Banking and Securities Commission and the Bank of Mexico, in the exercise of their respective powers, as well as of the other competent financial authorities in the terms that the laws provide”, it can be read in the 30 authorizations that the authority has published in the DOF.

In addition to these authorizations, it is expected that in the next few days the authorizations for Medá, RhinoPay (Liftoff) and Albo will be published in the DOF, so that there are 33 entities that have the definitive guarantee of the CNBV to operate under the Fintech Law.

Once the next three authorizations are published, the regulated ecosystem would be made up of 19 IFPE and 14 Collective Financing Institutions. Based on the application landscape, it is expected that by the end of the year there will be at least 60 authorized platforms.

Certainty for users

One of the largest technology platforms in Latin America, Mercado Libre, received authorization to operate as an IFPE under the commercial name of Payment Market Wallet.

For the institution, this authorization is for the benefit of the millions of Mexicans who require true financial inclusion.

“Creating laws that regulate and set the guidelines for coexistence between fintech solutions and digital platforms fosters fair competition between the different players, which opens up more opportunities for everyone,” explained Carlos Hassey, Legal Director of Free Market Mexico.

Yes ok Payment Market Wallet was already operating under the eighth transitory of the Fintech Law, with said authorization you are officially allowed to open and maintain electronic payment fund accounts with records for the receipt of money; make different types of payment with the account balance; as well as transfers in national currency.

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