Mexico paused the discussion about the Fintech Law
The Azteca region has been working in relation to the inclusion of all its nationals on the diferent banking systems in the country, therefore they have developed a series of proposals to improve the inclusion. In turn, the banks with the development of mobile banking seek to expand the number of transactions per day from a cell phone with this and improve service quality.
The implementation of the work mechanisms above mentioned, has given a way also in the business of Fintech in Mexico, and in which the Government has looked to regulate through legislation. Globally there are 12.000 companies specialized in Fintech, of which about 300 are in Mexico, but only 140 are regulated, it means that more than 50% operate outside the Mexican regulation, according to Deloitte Mexico.
According to the web portal Expansion Mexico, the Ministry of Finance is still awaiting the response of financial entities involved in the development of the project and now have to analyze it without Luis Videgaray, former Secretary of Finance who worked closely to boost the initiative.
On September 8 was scheduled the Fintech ecosystem presentation as a bill to regulate the sector, however; this release was delayed because they expect the central bank’s comments.
“I originally came with the economic package (…) but now Banxico’s comments are expected to present something more robust” said in an interview Jorge Ortiz, president of the Fintech Association Mexico.
The Fintech companies have boomed in 2016, growing about 24% a year, despite not being regulated. 128 enterprises that formed the Fintech sector in May last year, are now 158 companies, according to the Fintech Radar Mexico built in collaboration with Ernst & Young (EY) and Finnovista.
The group that includes more than 100 financial technologies, estimates that Finances will release the project more after two months, and are awaiting that the agency to contacts them to publicize the details about the project.
The Mexican government placed within the National Financial Inclusion Policy in which contributes the Ministry of Social Development, Jose Antonio Meade who led the Fintech as one of the axes. During this year, the ex-Secretary of Finance Luis Videgaray met on several occasions with funds from national venture capital and foreign exchange as well as Fintech companies to know the problems facing the industry and work on a regulation that encourages growth and investment, according Fintech members of the Association of Mexico and the Mexican Association of Private Capital (Amexcap).
Luis Videgaray was one of the most important figures in the cabinet of the Mexican President Enrique Peña Nieto and according to several versions was the one who made arrangements for the visit to Mexico of the Republican Candidate Donald Trump for the Presidence of the United States, who was involved in a controversial figures for insulting the Mexican community activity that was not well received by most of the Aztecs, and it is presumed that this was one of the reasons why he presented the resignation from the Secretary of the Finance of Credit Public.
Source: Expansion Mexico
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.