Kuspit Casa de Bolsa obtains a license to operate electronic wallets

The National Baking and Stock Commission (CNBV) gave signals on the regulatory process of the law to Regulate Financial Technology Institutions, known as Ley Fintechand this Friday he made the endorsement official so that Kuspit Brokerage House could operate your digital wallet, through your authorization to form your electronic payment funds institution (IFPE).

In the Official Gazette of the Federation (DOF), the CNBV published the official letter through which it grants authorization for the organization and operations of an IFPE to Digital Deposits and Payments, SAPI de CV, a subsidiary of Kuspit Casa de Bolsa.

“The members of the Interinstitutional Committee, in accordance with articles 11 and 35, in relation to article 22 of the Law to Regulate Financial Technology Institutions, unanimously agreed to grant authorization for the organization and operation of a fund institution of electronic payment called Depósitos y Pagos Digitales, SAPI de CV, Institution of Electronic Payment Funds”, can be read in the official letter published in the DOF.

With this authorization, total 42 authorizations with the definitive guarantee to operate under the Fintech Law, of which 28 are IFPE and 14 Collective Funding Institutions. The perspective is that by the end of this year there will be 60 authorized entities; however, it seems difficult for this to be fulfilled due to the pace that the authority has had in terms of guarantees.

For example, since last October 7, the definitive authorization of any entity to operate under the Fintech Law had not been published, despite the fact that there are close to 20 institutions with their conditional guarantee, which only have to meet certain administrative requirements for them to be approved. have final permission.

The promise of the president of the CNBV, Jesús de la Fuente Rodríguez, was to clear all the procedures that concern this authority to speed up the authorizations; however, he stressed that it is also a matter for Banco de México and the Ministry of Finance.

400-day procedure

According to records of the authority, the final authorization of the IFPE of Kuspit Casa de Bolsa was a process that lasted 400 days, so the average time to obtain a guarantee under the Fintech Law amounts to 693 days.

Some days ago, The Economist reported that the authority had received since the enactment of the Fintech Law, to date, 148 authorization requests, of which currently 42 have been definitively approved, while it has rejected 27, of which 4 have challenged their refusal.

According to what was published in the DOF, the IFPE of Kuspit Casa de Bolsa would start with a share capital of 12 million 300,000 pesos.

“Digital Deposits and Payments, SAPI de CV, Institution of Electronic Payment Funds, must accredit to this Commission, at least 30 business days before the start of its operations, compliance with the requirements established in article 40 of the Law to Regulate Financial Technology Institutions”, can be read in the official letter so that this entity can start its operation, being a recently created entity according to the terms of the regulations.