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Mexico lower house to vote on fintech bill after finance committee go-ahead

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Mexico lower house to vote on fintech bill after finance committee go-ahead

The finance committee of Mexico's lower house has approved draft legislation to regulate the fintech industry with 22 votes in favor and one against, and sent it to the plenary, El Economista reported.

As written in the draft, fintech firms must have the resources of their clients in bank accounts, and banks will also be prevented from discriminating against companies by denying them from opening accounts or carrying out arbitrary closures.

According to Bernardo González Rosas, head of banking and securities regulator CNBV, the new guidelines will serve the growing sector, which has around 540,000 users in Mexico, and also the most developed in Latin America. "The companies are already operating and the authorities do not yet have the tools to regulate them," González Rosas reportedly told the congressional committee.

While the bill had an almost universal approval among the finance committee members, Congressman Juan Romero Tenorio dissented, criticizing the bill for being too "general and ambiguous" which could create room for potential future fraudulent behavior.

The Senate, for its part, has also approved another bill that lays out a new framework for the financial technology industry to include crowdfunding and cryptocurrency firms, with the central bank as key regulator.