Mexican banking regulator CNBV said on Thursday it received applications from 85...
MEXICO CITY - Mexican banking regulator CNBV said on Thursday it received applications from 85 companies to formally operate in the country under its new fintech law as the government of President Andres Manuel Lopez Obrador pushes for more financial inclusion.
Of the 85 fintechs, 60 applied to operate as electronic payment processors and 25 as collective financing companies, the CNBV said in a statement. It did not specify when the authorization process would be completed. In Mexico an estimated 44% of the adult population own no financial products. Many are put off by steep banking fees and past scandals, or they are too poor to save. Others shun the formal banking system to stay off the radar of tax collectors.
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