LatAm: Mexican president enacts FinTech law

Mexico’s President, Enrique Peña Nieto, has officially enacted the long-awaited FinTech law. The law was approved by the Senate in December and the Congress gave it the green light early this month.

With the new bill, Mexico seeks to promote financial stability, protect consumers and prevent money laundering.

Mexico has an up-and-coming FinTech scene, with RFi Group data showing that 15% of banked consumers have used a FinTech provider before, while a further 3 in 10 would feel very comfortable using a FinTech provider in the future.

The new FinTech law will better regulate companies in the industry and also set rules for cryptocurrencies, electronic payments and crowdfunding.

Under the law, FinTech companies will be supervised primarily by Mexico’s National Banking and Securities Commission and the Central Bank.

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