ARTICLE · 30 AUGUST 2017

Ministry Of Finance Prepares Draft FinTech Act

Berdeja Abogados SC

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The Ministry of Finance completed an initial proposal to adopt a FinTech Act and amend various Mexican financial laws with changes incident to same.

MexicoTechnology

Teofilo Berdeja Prieto

The Ministry of Finance completed an initial proposal to adopt a FinTech Act and amend various Mexican financial laws with changes incident to same.

Once the Ministry completes its review of comments being produced on the FinTech Act and prepares a final draft, the same will be submitted by the Mexican President to Congress.

The proposed Fintech Act's objectives include the creation of FinTech firms that will engage in financial activities including deposits and payments, lending activities and virtual asset management. The new institutions will be subject to capital and liquidity requirements, as well as a mandate to comply with prudential and consumer-protection laws and regulations.

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