MEXICO

On December 8, events of interest to the sector took place. Here are more details about them:

 The Senate Welfare and Social Development Committee approved the bill that seeks to promote financial education for senior citizens. The text establishes that the Ministry of Labor and Social Welfare must create and promote programs that promote financial planning, including savings and investment, in these populations. They should also work on measures to promote the adequate management of pensions. The text must be approved by the First Legislative Studies Committee before it can reach the floor.

• The Mexican Banking Association (ABM in Spanish) announced that it is working on a document to be submitted to the country’s regulatory authorities to request changes in the regulation of financial technology companies in order to “level the playing field”. Mainly, they will request that the costs of these companies be made transparent, especially the Total Annual Cost (CAT in Spanish) of each one of them. The public sector has not yet commented on these requests.

• The Pacific Alliance together with the Inter-American Development Bank presented a situation chart regarding the development of financial technology companies in its member countries. The document explains that Mexico consolidated its position as leader in the region, ahead of Colombia, Peru and Chile, with a total of 512 startups in the financial technology sector (fintech). In this sense, it highlights that the country has seen a 16% increase in the number of this type of companies, with a boost in the lending sector, above payments and remittances.