The authorization process for platforms that seek to operate as Financial Technology Institutions has begun to accelerate again and now, the authority has published the final endorsement of three entities: MercadoLibre, Red Girasol and Yo Te Presto.
This Wednesday, May 11, the National Banking and Securities Commission, through the Ministry of Finance, published in the Official Gazette of the Federation the authorization for Mercado Libre to operate as an Institution of Electronic Payment Funds (IFPE), as well as such as Red Girasol and Yo Te Presto, to function as Collective Financing Institutions.
“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 each of the trades published this Wednesday in the DOF.
With these three authorizations, there are already 30 entities definitively authorized to operate under the Law to Regulate Financial Technology Institutions, also known as the Fintech Law.
According to the records reviewed by this means, there are currently 16 authorized IFPEs:
- NSHIP Payments
- TrafalgarDigital
- BRX Payments
- Inguz Digital
- BKBN
- Your Digital Money
- System of Transfers and Payments STP
- ColtoMoney
- Basin
- mexpay
- Wool
- SDMX Super Digital
- PRIMETIME
- All Payments
- Fintech on Demand
- Free market.
While there are 14 Collective Financing Institutions that have the authorization:
- Foundation
- Likideo MX
- BXL Fintech
- Doopla
- lender
- m2crowd
- hundred bricks
- Play Business
- Crowd Up Mex
- Crowd Link
- Angels in Ark
- Top Capital
- Sunflower Net
- I lend you
It is estimated that there are about 30 other applications that, although they have already received authorization from the authorities, are still pending compliance with certain requirements in order to have the definitive guarantee and for it to be published in the DOF.