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Fintech Market Overview

This article does not constitute legal advice.

Client identification in Mexico

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Although no digital identity is universally accepted in Mexico, the Commerce Code defines an 'advanced electronic signature' as a potential partial digital identity scheme. Its data in electronic form, affixed to or logically connected with a data message, serves to identify the signer relative to said message and shows their approval of its contents. Such signatures have the same legal standing as written signatures and are considered reliable proofs.1

In spite of the above, the Commerce Code distinguishes between an electronic signature and an advanced electronic signature. For instance, a user identification and password or a digital signature are considered electronic signatures, but not advanced electronic signatures.1

As defined by the Commerce Code, an electronic signature qualifies as an advanced electronic signature if it complies with certain requirements, which are currently only met in Mexico if it is issued by a certified services provider (PSC). As PSCs, private companies, notaries public, public brokers, and certain public institutions (e.g., the Tax Administration Service (SAT)) are duly authorized by the Ministry of Economy to serve.1

In late 2016, the Mexican Federal Tax Code was amended to allow individuals to sign electronic agreements using the e.firma, an advanced electronic signature initially developed by the SAT for tax matters and proceedings with the authorities. According to theory, PSCs can create advanced electronic signatures that can be issued to anyone (even non-Mexicans or residents).1

Commercial transactions can generally be executed with advanced electronic signatures, except where a specific form is required by law.1

Digital onboarding in Mexico

Fintech in Mexico

Fintech in other countries

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