In Mexico there are already several «Fintech» companies that have been operating for years and most of them are going without problems, however, not everything is so easy and even less in the financial world.
Mexico seeks to protect Mexicans from bad practices and therefore regulates everything that has to do with each person’s money.
These regulations have already ‘taken their toll’ on some companies such as Klar and Cacao Paycard Solutions, since these companies, in May 2021, wanted to invite the general public to use their services, inspiring them with trust, arguing that they were fully regulated companies when they were still they were in process and this cost them a lot of money.
According to a report from the National Banking and Securities Commission (CNBV for its acronym in Spanish), these companies work under the protection of the Law to Regulate Financial Technology Institutions (Fintech Law) which has already imposed its first fines in that month to Cacao Paycard Solutions for 6.9 million pesos For disseminating misleading information through the media to carry out operations referred to in the Fintech Law.
Similarly, the Mexican authorities sanctioned the Klar platform, with $ 868,800 pesos for using expressions, including in English, referring to concepts and products reserved for financial technology institutions, specifically electronic payment fund institutions.
Currently, the Bnext platform announced in a statement to its users that Cacao Paycard Solutions will not be able (for now) to continue issuing new accounts to the companies that use its platform until further notice, but that this does not prevent current users from continuing to use their accounts. with normality, that is, new users will not be able to register new users on the platforms (such as Bnext) that are supported by Cacao Paycard Solutions until their situation is fixed before the Mexican authorities.
“When a new law comes out, there is a lot of noise about whether it will be sanctioned or not, but the fact that these four fines already exist by the CNBV sets a precedent that the appropriate thing is being done, that is, it has issued the regulation and it is inspecting its compliance ”, explained Ivonne Muñoz Torres, founder of the IT Lawyers firm.
With information from El Financiero
Luis Avilés 