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Fintech Market Overview

This article does not constitute legal advice.

Data protection in Mexico

Fintech Software

As for data protection, applicable law regulates the protection of clients' personal data (as data subjects) and the processing of their information for any purpose, including marketing purposes, by ITFs (as controllers).1

The most important rules are the following:

  • ITFs must inform clients of the purpose for acquiring and processing their personal data, including marketing purposes, by providing them with a privacy notice that must comply with specific requirements set forth in the Mexican Data Protection Law; excluding certain exceptions, ITFs must obtain clients' consent for processing their personal data as per the terms of the privacy notice;
  • if ITFs use a client's personal data for marketing purposes, the ITFs must implement a mechanism that allows the client to reject the use of his or her information for that purpose, which should be described in the privacy notice and available to clients from the moment the ITF publishes its privacy notice;
  • ITFs must process clients' personal data exclusively on the terms of the privacy notice; and
  • if ITFs 'communicate' personal data to third parties (either processors or controllers), they need to comply with specific requirements set forth in Mexican personal data protection regulations. 1

If digital profiling is to be carried out, it should be included in the privacy notice as one of the stated personal data processing purposes. A controller must also inform data subjects, through a privacy notice or any other applicable means, when this profiling is carried out through an algorithm, with no human involvement.1

Cross-border payments 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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