Fintech companies want to sneak into Mexico’s electoral agenda

“One of the pillars is the regulatory one, which will include issues such as open banking, as well as the fluidity in the license application process,” says Felipe Vallejo, the new president of the Association.

He emphasizes that they will seek to make regulatory processes more efficient with the help of technology.

The director of Corporate Affairs at Bitso also pointed out three more pillars on the agenda, such as the positioning of fintech companies on the political agenda ahead of the elections in June of this year and the presidential election in 2024. Competition issues and governance.

“We want all the candidate platforms to consider the fintech issue as the best ally for financial inclusion,” Vallejo notes.

According to a study by the association, four out of 10 fintech users did not have a financial product. For Vallejo, this shows the relevance of these companies in the financial sector and society.

In terms of competition, the association has had a first approach with the Association of Banks of Mexico (ABM), now led by Julio Carranza, in order to work on common issues.

“There is regulation that can be made transversal and that can benefit all sectors of the financial field and in the end benefits the user,” he said.

Fintech Association will seek to approach the Bank of Mexico (Banxico) to collaborate in the launch of DiMo (Mobile Money), a new payment method that seeks to make transfers with the cell phone number of each person and that is expected to be launched in the coming months.

The fintech law, enacted in 2018, has been delayed in the launch of the secondary law that covers topics such as open banking.

The association promises to provide more information on the sector with studies and surveys of its members, this in order to put on the table the impact of these companies in the financial ecosystem. One of the most recent data is that the annual growth rate of fintech is 23% per year and the generation of more than 60,000 jobs in the country.