– Tecnología e Innovación en Pagos EKT, part of Grupo Elektra, gains approval from CNBV and SHCP.

  • The new fintech aims to launch operations soon, pending final regulatory compliance.
  • Elektra plans to capitalize on its extensive network, integrating new digital payment solutions.

    Mexican financial and banking regulators, including the Comisión Nacional Bancaria y de Valores (CNBV), the Secretaría de Hacienda y Crédito Público (SHCP), and Banco de México (Banxico), have recently approved Grupo Elektra’s proposal to establish a new fintech arm, Tecnología e Innovación en Pagos EKT. This approval positions the company to expand its digital financial services significantly.

    The approval process concluded in late March, with an official announcement expected soon in the Diario Oficial de la Federación (DOF). Grupo Elektra, traditionally known through Banco Azteca and its various retail outlets, including Elektra and Salinas y Rocha stores, has been transitioning towards more digital solutions like the Baz app, enhancing customer financial engagement.

    The new fintech is mandated to fulfill stringent regulatory requirements, including submitting essential documentation 30 business days before beginning operations. It must maintain a minimum fixed capital of 85 million pesos and will operate exclusively with the Mexican peso. This structure ensures that the fintech will operate under the ongoing supervision of both the CNBV and Banxico, reinforcing its commitment to regulatory compliance and financial stability.

    By launching Tecnología e Innovación en Pagos EKT, Grupo Elektra aims to leverage its extensive network of over 6,000 contact points to offer integrated, efficient financial services across Mexico, significantly enhancing consumer accessibility to digital financial tools.