MEXICO CITY.- "Mexico has the most dynamic Fintech ecosystem in Latin America," said Javier Castrillo Penadés, Deputy General Director of Transformation and Digital Banking at Santander México.
In presenting the study "Fintech Thermometer: the challenges of regulation", established that in Mexico there are 515 companies operating and it has been identified that more than 270 have raised capital and debt for 629 million dollars, of which in the last year has raised more than 300 million dollars. The study, which is a collaboration between Banco Santander México, Endeavor, the United Kingdom embassy and Finnovista, establishes that more than half of the financial companies that are operating in Mexico are already expanding or ready to scale.
"This is where banks can be supported by providing our client bases, our investment capacity and our knowledge of risks and regulation. The collaboration between banks and Fintech is a win-win in favor of greater financial inclusion and the best financial services for Mexican society, "said the executive. This is the first study of this magnitude in Mexico on this ecosystem, where it is established that this sector is in a stage of clear growth and with opportunities forwards, but also with important challenges, especially in regulatory matters.
FINTECH LAW
Castrillo Penadés established that as a bank they have pronounced for a necessary regulation whose compliance allows an even floor and protects the resources, patrimony and the information of the clients; It is regulation and compliance that has given solidity to the Mexican banking system, hence its relevance to this emerging sector, he said. According to the study, of the total of these companies in the Mexican market, 200 will have to comply with the Fintech Law, since they are among the three segments that will be regulated: electronic payment fund (wallets), virtual assets (cryptocurrencies) and collective financing (crowdfunding). To this end, the firms interviewed estimate that complying with the Fintech Law will cost them $ 35,000 annually, this includes lawyers, consultancy and advice on mandatory regulations of 3,600 direct jobs and benefits more than 4.5 million registered users.
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