CNBV Grants Approval to Two New Fintech Companies

The National Banking and Securities Commission (CNBV) has approved two new financial technology firms, Klu Tech, S.A.P.I de C.V. (Klu) and XC Networks, S.A. de C.V. (commercially known as Pagando), to operate as Electronic Payment Funds Institutions (IFPE). This move comes as a fulfillment of a commitment made by CNBV President Jesús de la Fuente Rodríguez to process applications from companies operating under the eighth transitory provision of the Law to Regulate Financial Technology Institutions, commonly referred to as the Fintech Law.

Advancements for the Fintech Sector

With the inclusion of Klu and Pagando, the total number of institutions authorized to operate under the Fintech Law will rise to 69, once their approvals are published in the Official Gazette of the Federation (DOF). These institutions are part of a growing regulated ecosystem within the Mexican financial landscape.

Path to Approval

Klu, which has been in compliance since June 2021, offers a variety of business solutions including corporate accounts, international transfer options, bill payment services, a discount network, and point-of-sale terminals. The firm went through a rigorous process to address the CNBV’s observations and has now received the final go-ahead.

On the other hand, Pagando, which was initially greenlit in June 2021, has now been granted final approval after addressing the CNBV’s observations over the course of two years. With its legal domicile in Ciudad Juárez, Chihuahua, Pagando provides both personal and corporate account services.

These approvals signify a continued effort by the CNBV to foster an environment that supports the growth and compliance of the Fintech industry within the established legal framework, ensuring the sector’s integrity and security.