You can see the rules and regulations in other jurisdictions.
13.9% of Mexican Fintech companies offer savings products at an average interest rate of 12.9%.1
It is possible for foreign banks to participate in Mexico through two different vehicles: representation offices, which can only carry out basic activities, mostly limited to providing information to their customers about the products offered by their (foreign) parent company (but not offering credit products); or branches, which are, by their nature, locally incorporated subsidiaries of foreign banks.2
The Fintech Law in Mexico provides for an open finance rule in which entities subject to compliance with API technical requirements can request information about products and services, aggregated statistical data, or client transactional data from Mexican financial entities (when the user has granted permission).2
Currently, the regulator responsible for setting out the regulations surrounding open banking APIs have identified the characteristics these APIs need to meet in order for third parties to access open financial data (which does not contain any personal details such as product information and branch locations). Financial institutions are not at this time required to share further detailed information with third parties. It is anticipated that more advanced open finance solutions will be available in due course, meaning customers of multiple financial institutions will potentially be able to monitor their joint balances or track their overall spending on one single app.2
