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Coronavirus Forces Mexican Fintech Firms to Wait Longer for Licenses than Expected after the Slowdown in CNBV Operations

April 9, 2020
Por
Tim Alper
Tim Alper
Columnist, Copywriter, Editor and Author of "바나나와 쿠스쿠스" and "우리 옆집에 영국남자가 산다"
📷
nl.cryptonews.com
Almost 100 Mexican fintech companies will likely face a longer wait than expected after the nation’s top financial regulator announced a coronavirus pandemic-related slowdown in its operations.
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Per media outlet El CEO, The National Banking and Securities Commission (CNBV) has extended certain regulatory deadlines for at least 90 days and says that the virus outbreak could lead to further 90-day extensions.

The media outlet says this will apply to “the 95 [fintech companies] that are in the process of obtaining operating permits.”

Under the terms of the groundbreaking Financial Technology Institutions Law (FinTech Law), the CNBV began issuing its first licenses in January this year, with NVIO Pagos México, an affiliate of the crypto exchange Bitso the first recipient.

The law was formulated in 2018, and obliges cryptocurrency, blockchain and other fintech enterprises to obtain permits from the regulator, proving they meet state-imposed financial and technical requirements.

A slew of other cryptocurrency and blockchain-related companies are thought to be among the 95 other fintech firms that will now have to tread water until the CNBV feels it is ready to return to business as usual.

However, the same report claims that fintech companies in Mexico appear to be in good health – with Fintech Radar data showing that the number of new fintech companies in the country has grown by 14% since 2016, with only 18 startups folding in the same period.

Mexican coronavirus cases have jumped this week, with Reuters reporting that the country saw a sudden rise of 296 new cases on Monday.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Per media outlet El CEO, The National Banking and Securities Commission (CNBV) has extended certain regulatory deadlines for at least 90 days and says that the virus outbreak could lead to further 90-day extensions.

The media outlet says this will apply to “the 95 [fintech companies] that are in the process of obtaining operating permits.”

Under the terms of the groundbreaking Financial Technology Institutions Law (FinTech Law), the CNBV began issuing its first licenses in January this year, with NVIO Pagos México, an affiliate of the crypto exchange Bitso the first recipient.

The law was formulated in 2018, and obliges cryptocurrency, blockchain and other fintech enterprises to obtain permits from the regulator, proving they meet state-imposed financial and technical requirements.

A slew of other cryptocurrency and blockchain-related companies are thought to be among the 95 other fintech firms that will now have to tread water until the CNBV feels it is ready to return to business as usual.

However, the same report claims that fintech companies in Mexico appear to be in good health – with Fintech Radar data showing that the number of new fintech companies in the country has grown by 14% since 2016, with only 18 startups folding in the same period.

Mexican coronavirus cases have jumped this week, with Reuters reporting that the country saw a sudden rise of 296 new cases on Monday.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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