Mexico's financial regulator CNBV has a transition period of six months to issue the first set of rules regulating the country's financial technology industry, following congressional approval of the law on March 1, according to a report by El Economista.
The bill that was passed provides a general framework for fintechs regarding crowdfunding entities and electronic payment methods.
In an interview, Bernardo González, the head of the regulator, said the new law grants the CNBV a number of responsibilities, both in giving companies authorization to operate but also in the development and issuing of secondary provisions that regulate the market but could not be written in the first draft of the law.
Under the new rules, 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.
Overall, the law focuses on financial stability and the prevention of money laundering. It was approved by the Mexican Senate in December 2017 and has been forwarded to President Enrique Peña Nieto for signing.
