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Mexico to submit bill for fintech sector in September

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Mexico to submit bill for fintech sector in September

Mexico's finance ministry intends to submit a bill to Congress in September that would regulate the country's growing fintech industry, said the head of the ministry's banking, securities and savings unit, Bernardo González, in an interview with El Economista.

The bill was supposed to be presented a year ago but was delayed because of ministerial changes, the publication noted. This has given both regulators and fintech leaders more time to improve the proposed legislation.

The government also took extra care to prepare the rules for bitcoin and other digital payment systems to prevent money laundering, González told El Economista. "There will be limit for the purchase of virtual assets, but not necessarily a low figure," he said.

Under the new law fintech firms will be required to have a minimum capital. The provision has reportedly raised concerns within the industry, but the official said that wouldn't prevent the sector from operating.

There are currently around 238 fintech companies in Mexico, up from around 150 since September 2016, operating in areas such as credit, asset management, insurance, crowdfunding, payments, remittances and others. In comparison, Brazil has 230 such companies, the newspaper reported, citing data from fintech support firm Finnovista.