financial technology Payment Market named Peter Rivas as its new general director to supervise operations in Mexico, the change of director coincides with the recent approval of the National Banking and Securities Commission, which granted the fintech a license to operate as an Electronic Payment Fund Institution (IFPE).
According to a statement from Payment Market the license as IFPE will allow them to carry out plans for growth and expansion of services in the country.
Payment Market Wallet already operated under the eighth transitional law to Regulate Financial Technology Institutions, known as Fintech Law. With the approval, said company will be officially allowed to open and maintain electronic payment fund accounts with records for receiving money, as well as other operations in national currency.
“The fintech industry is the protagonist of the greatest changes in the financial world and from Mercadopago we want to remain at the forefront of the movement in favor of the democratization of money and financial services,” Rivas said in a statement.
The new director of Mercadopago, for Mexico, served as country manager of the OXIO service platform for more than two years, he also served as CEO of the scooter company MOVO and business director of Cabify.
Mercado Pago was designated as the favorite fintech of Mexicans by Comscore during 2021, and recently announced an alliance with the GBM stock market investment platform, to generate savings returns.
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