CNBV authorizes two more fintechs, the first in 2023

The National Baking and Stock Commission (CNBV) published this Monday the first official letters of the 2023 authorizations corresponding to Monific to operate as Collective Financing Institution (IFC), and the guarantee to Mozper to start activities like Institution of Electronic Payment Funds (IFPE) in terms of the Law to Regulate Financial Technology Institutions, also known as Ley FIntech.

As I had anticipated The Economist Last week, the definitive endorsement of these two companies was given at the most recent meeting of the Inter-Institutional Committee, which is made up of authorities from the CNBV, Secretary of Finance y Bank of Mexico.

With the approval of these entities, there are 46 companies authorized to operate under the terms of the Fintech Law, of which 29 correspond to IFPE and 17 to IFC, since the Fintech Law was promulgated in March of 2018.

In the case of the IFPE, the process took 421 days since the entity submitted its document to obtain the authorization on November 24, 2021, while for the IFC the resolution time to obtain the guarantee was 1,209 days, after requesting it. on September 25, 2019.

For the Mozart entity, the official letter details that the amount of its minimum share capital will be the equivalent of 500,000 Investment Units (UDI’s) in national currency, while the Monific document details that its authorized initial share capital will be 3 million 400,000 pesos .

Since December 2022, the authority has released more letters corresponding to crowdfunding fintechs, with the published number three IFCs, so the streak of authorized entities continues in less than a month.

During 2022, the CNBV published 22 authorization letters to financial technology institutions to operate in accordance with the Fintech Law, a lower figure than the 24 entities that were approved during 2021.