The 10 financial news of 2022 in El Economista

Undoubtedly one of the most important news in the financial sector was the announcement of the sale of Banamex by Citi, although it is not yet known who the buyer will be. Another relevant issue was the entry of the new version of tax receipts, CFDI 4.0, for which the Tax Administration System (SAT) granted an extension. Authorities warned about companies that may put their customers’ money at risk.

We invite you to read the count of the most read news of 2022 in terms of banking, savings, credit, tax collection and non-bank financial entities published in The Economist.

1. CFDI 4.0: SAT seeks more detailed taxpayer information

At the beginning of 2022, the Tax Administration Service (SAT) announced that invoices must have new recipient data: RFC, name, regime to which it belongs and postal code of its tax address. These changes correspond to the CFDI 4.0 version, informed Alba Servín.

As planned, as of May 1, 2022, the only valid version of CFDI or tax receipt for a payment made would be 4.0, but its adoption has been delayed and the SAT granted an extension. The electronic invoice or CFDI is a file in XML format that meets the standards requested by the SAT.

2. The SAT grants an extension for invoice 4.0; will enter into force in January 2023

The extension for the adoption of the CFDI was announced in June, because at the end of the first quarter of 2022, of the total invoices issued, 99.72% corresponded to version 3.0. Therefore, the SAT decided to extend the entry into force of the most recent version until January 1, 2023, reported Santiago Nolasco. If the companies do not bill with the CFDI 4.0 They will not be able to stamp or deduct the payroll of their employees.

3. Banks will have to notify the SAT of cash deposits every month

Inside of Fiscal Miscellaneous 2022, the Tax Administration Service (SAT) confirmed that banks must notify monthly if a client has received cash deposits greater than 15,000 pesos. Previously the report had to be annual. With these measures, reported Santiago Nolasco, Mexico continues to adhere to the recommendations of the Organization for Economic Cooperation and Development (OECD) against tax evasion.

4. Condusef issues alert on Smart Business Corp that offers investments in bitcoin

The National Commission for the Protection and Defense of Users of Financial Services (Condusef) warned that Smart Business Corp it is not an entity supervised or regulated by the agency. Therefore, it is not authorized to offer investments through cryptocurrencies. The driving recommended that people not give their money to companies not authorized by Mexican financial institutions, reported Fernando Gutiérrez.

5. Citi will put Banamex up for sale, what will happen to its customers and employees?

The sale of Banamex by Citi caused a stir in the financial sector. The reason is that the company only wants to focus on corporate clients within the Mexican market. What is for sale is the license, brand, branch operation, what has to do with cards, payroll business, mortgage portfolio, family and business credit, the patrimonial part, the Afore, the insurance company, foundations and cultural heritage that he currently owns, reported Edgar Juárez.

Citi will apply for a new license to continue operating in Mexico. With this, there will be two different companies: Citi and Banamex. The sale decision is aligned with the bank’s international strategy.

6. CNBV alerts 5 companies that illegally capture savings

The National Banking and Securities Commission alerted about five companies that capture savings without the relevant authorization:

1. Yox Holding, dedicated to sports trading.
2. Life Consulting.
3. Era Capitalinver, known as Era Capital.
4. Franchises of the Millennium.
5. Bainet Consortium, known as Smart Business Corp.

The people and/or companies that violate the regulation will be subject to the sanctions that the laws establish in the matter, informed Fernando Gutiérrez. In addition, customers’ money is at risk. The CNBV asked people not to carry out any operation with them.

7. Citi announces that it will leave its consumer and corporate banking businesses in Mexico

In January, Citigroup reported that it will leave its consumer banking business in Mexico and will only operate with institutional clients, under a new license. The Citi CEO Jane Frasersaid the sale “will allow resources to be allocated to opportunities aligned with Citi’s core strengths.”

The exit process from the Mexican market must be subject to various conditions and approvals, both nationally and in the United States, reported Edgar Juárez.

8. Mexico has the potential to have 30 more unicorns

And Unicorn is a company that achieved a valuation of more than 1 billion dollars. During 2021 several unicorns emerged in Mexico. And soon there may be around 30 more companies that reach this category. Of the seven Mexican unicorns in 2022, reported Fernando Gutiérrez, four are fintech. One of the challenges that all these companies face is achieving profitability, since many of them still do not reach this level.

9. The popular savings and credit sector, with two bombs about to explode

The National Banking and Securities Commission (CNBV) has its sights on the popular financial company (sofipo) Sierra Gorda and the savings and loan cooperative society (socap) Manxico. Both are in category 4 of the early warning scheme. They have a level of capitalization well below that required by the authority: 130% for sofipos and more than 150% for socaps. The savings generated in both socaps and sofipos are protected for up to 25,000 Udis per client or partner, that is, up to 182,000 pesos, reported Fernando Gutiérrez.

10. What is the structure of the Mexican financial system like?

through the Finance system Mexican savings are mobilized so that they can be used efficiently. In other words, it makes the resources used in real economic activity: producing and consuming, going from those individuals who have money to spare at a given moment to those who need it, in addition to facilitating risk sharing. Access to financing improves the well-being of a country, because people can access credit to meet their needs, reported Belén Saldívar.

itzayana.rios@eleconomista.mx