Mexico finally to renew license revision process for fintech law

Contxto – After what’s likely felt like eons in startup time, it appears that the National Banking and Securities Commission of Mexico (CNBV) will renew its revision process for enterprises interested in operating within the country’s fintech law.

Thus far, only one company has been granted the government’s nod of approval: Nvio, a  fintech whose product, a payment platform, hasn’t even been launched yet.

One eternity later…

The CNBV was charged with reviewing applications and approving licenses.

However, it was forced to stop due to the Covid-19 outbreak. And so since April of this year, a reported 96 fintechs had been told to hold their horses.

But authorities have come forward and said that as of August 17, they will continue evaluating applicants (hurray!).

Around 80 companies are in the final phases of the reviewal process. They may even begin operating under the corresponding government license before year’s end.

Undoubtedly fintechs have played a central role in managing money throughout the contingency and they’ll continue to do so in the new normal.

Speaking of fintech law…

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Mexico has its fintech law, where’s Chile’s?!

Last April, authorities in Chile stated they’d present an initial draft for the country’s own fintech law. They’d said the initiative would be presented to congress by mid-2020. July has come and gone and no news has surfaced.

And I have to admit I’m eager to see what they propose.

It’s exciting because it’s a chance to put Chile on the fintech map and change the startup scene—much like Mexico’s fintech law has reshaped its own ecosystem.

But fine, I’ll be patient. 

After all, drafting a piece of legislation is not like writing a final term paper… or an article on a media site.

Related articles: Tech and startups from Mexico!

-ML