Fintigo officially enters the regulated fintech world

After 405 days of waiting, the firm Fintigo has been authorized to incorporate and operate as a Collective Funding Institution (IFC) in terms of the Law to Regulate Financial Technology Institutions, also known as Ley Fintech.

This Wednesday, December 21, the Official Gazette of the Federation published the official authorization to Fintigo granted by the National Baking and Stock Commission (CNBV), making it the 44th entity to have final authorization in terms of the Fintech Law, promulgated in March 2018.

“This National Banking and Securities Commission, with the prior agreement of the Inter-Institutional Committee, authorizes the organization and operation of a collective financing institution to be called Fintigo, SAPI de CV, Collective Financing Institution”, can be read in the official letter published in the DOF , signed by the General Director of Specialized Authorizations of the CNBV, José Antonio Vizcaíno Ruiz and the Technical Vice President, Ramiro Edgar Álvarez Hernández.

Of the total of 44 entities authorized under the Fintech Law, 28 are Electronic Payment Funds institutions and 16 are Collective Funding companies. In the case of Fintigo, being a recently created firm, it has to meet some requirements for the authority to allow it to start operations.

Such requirements are:

• That it is duly constituted in the Public Registry of Commerce.
• That it has the minimum capital subscribed and paid that corresponds to it.
• That its directors and managers comply with the requirements established in the regulations.
• That it has the technological infrastructure, as well as internal controls necessary for its operation.

According to the official letter, Fintigo will have an initial capital of 17 million 810,000 pesos and its services will consist of collective debt financing, as well as co-ownership.

According to perspectives of the ecosystem, it was expected that by the end of this year there would be at least 60 authorized entities in terms of the Fintech Law; however, during the course of the year only 22 signatures were authorized out of a total of 40 that already had the green light in their process, but that have to comply with certain provisions for their definitive endorsement.