Financial Technology Institutions, Mexico at the Forefront.
Due to recent increase and development in trading goods and services, through different technologies or digital platforms, nationally and internationally; In mexico was conceived a flexible regulation focused on financial figures and services that up to this year were develop without a lwfull framework that could set the game rules as well as trying to search to protect the subjects involved with the services such means offer.
Last march the 9th 2018, was published in the Oficial Nations Journal (ONJ) the secreted by which the Law to regulate financial technology institutes, furthermore, different orders from the current legislation were modified so to adequate and incorporate the corresponding dispositions for the organisation and operation of Financial Technology Institutions (FTI) .
This law focuses in the FTI nominated as Collective Funding Institutions and Electronic Payment Institutions, which according to the law must operate through a lawful-collective person to which the Banks and Values National Commission (BVNC) will give an authorization that will allow its operation and organization.
The collective funding institutions are those that execute activities in a casual or professional way through informatics applications, interfaces, web pages, or any other electronic or digital mean, aiming to unite people so that this can accomplish the next operations:
- Collective Funding of a debt, through the giving of I.O.U. credits and so on.
- Capital Collective Funding , through the acquisition of representative titles of social capital.
- Collective Funding of co-ownership and royalties, through the associations by which the subjects acquired income participation, utilities, royalties or losses, being this in the present or future fruit of activities or projects.
The Electronic Fund Payment Institutions are defined in this law as those that make public services either casual or professionally, consisting in emission, redemption and transmission of payment fund acknowledge in electronic registers of transnational accounts, through informatic applications, web page or any other communication mean either electronic or digital.
Furthermore, the obligations pointed out are integrated, pointed in the ONJ and the administrative procedures to its fulfillment when is pertinent to apply sanctions that might apply if the dispositions in the law are ignored.
This law will come to effect a day after its publication in the ONJ, there’s still pendent the publishing of norms that will be integrated to this law, sames that must be redacted by the Treasury and Public Credit Secretary, the Banks and Values National Commission, The National Commission for the Protection and Defense of the financial Services Users, The National Commission for Savings and Retirement, The National Commission of Insurances and Sureties and The Bank of Mexico according to their role as Secretaries, dependencies or organisms in the next 6 to 24 months.