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Fintech Market Overview

This article does not constitute legal advice.

Banking in Mexico

Fintech Software

Foreign banks, for example, can participate in Mexico through two different vehicles: representation offices, which may only carry out basic activities, mostly restricted to providing their customers with information on the types of products offered by their (foreign) parent company (but not offering the credit products themselves); or branches, which, by their nature, are locally incorporated subsidiaries of foreign banking entities.1

Mexico, through the Fintech Law, has provided for an open finance rule under which entities subject to compliance with API technical requirements may request from any Mexican financial entity (and the entity is obliged to provide) information on products and services, aggregated statistical information or client transactional data (when authorised by the user).1

At the time of writing, the regulator in charge of issuing the rules governing the APIs needed to allow for open banking has only defined the characteristics that these APIs need to comply with to allow third parties to receive open financial data (i.e., data that contains no personal information, such as details of products and branch locations), and therefore, financial institutions are not yet obliged to share more in-depth information with third parties. Future developments are expected to allow more sophisticated open-finance services, allowing, for example, customers of several financial institutions to see their aggregate balances or track their global expenses on a single app.1

Payment services in Mexico

Fintech in Mexico

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/mexico
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