LatAm: Fintech bill approved by Mexican senate

A new fintech law for Mexico has made advances through Mexican government, with the Senate recently approving the initiative to regulate its financial technology sector. The lower house will now review the bill, with expectations that the law will officially pass in mid-December. With this new law, Mexico will join the likes of the US and UK, who are also taking measures to regulate the industry.

The government hopes that the fintech law will provide a clear set of rules to help promote financial stability, combat money laundering and drive competition, as well as protect consumers.  The government will also look to regulate fintech firms using cryptocurrencies, such as Bitcoin, with the Central Bank of Mexico set to oversee these operations.

According to RFi Group data, 15% of banked consumers in Mexico have used a fintech provider, while 3 in 10 consumers would feel very comfortable (8+/10) using such providers for banking and financial products in the future. This shows the potential for substantial growth in fintech usage, potentially justifying the need for increased regulation.

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