Fintech Market Overview

This article does not constitute legal advice.

Digital onboarding in Mexico

Fintech Software

Mexican regulators have strategised a legislative agenda around the notion of financial inclusion and overall growth of users of financial services. As a direct result of this, financial service providers are permitted to carry out fully digitised onboarding of clients as long as the onboarding process is reviewed and authorised by Banxico or the CNBV, or both. Fully digitised onboarding of clients without prior approval has led to significant sanctions by the CNBV.1

For most financial entities, ITFs included, regulation provides different levels of requirements directly related to the risk and transaction level of the customer and its activities. For customers and transactions that are considered low risk (sometimes limited to low monthly or one-off transactions), onboarding may be cleared and confirmed remotely, and the information and documentation to be collected is kept at a minimum. However, if the risk level is considered anything other than low, the client can only partially onboard pending review of their information, and the service provider must inform the client that they cannot partake in any operations on the platform until the onboarding process is complete.1

In addition to a fully digitised onboarding experience, rules for financial entities have also been updated to allow a fully digitised user experience whereby customers may perfect transactions entirely through digital outlets (including the origination of loans).1

Artificial intelligence in financial products

Fintech in Mexico

Fintech in other countries

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