Financial Technology Institutions Law – December 2017

Senate approves the Financial Technology Institutions Law (Ley de Instituciones de Tecnología Financiera) ("Fintech Law")

On December 5, 2017, the Senate sitting en banc unanimously approved the bill of the Financial Technology Institutions Law (Ley de Instituciones de Tecnología Financiera) ("Fintech Law"), which was remitted to the Chamber of Deputies for analysis and final approval. It should be noted that the Senate made certain amendments to the original proposal and the most notable change is the removal of Virtual Assets Management Institutions as Financial Technology Institution and the greater emphasis given in the fact that the Central Bank of Mexico will define the requirements for using Virtual Assets. It is estimated that the Chamber of Deputies will pass the Financial Technology Institutions Law during the first semester of 2018.