President Enrique Peña Nieto announced that he will send the Financial Technology Act (Fintech) initiative to Congress before the end of September, which will seek to offer improved customer protection and financial inclusion, prevent money laundering and promote competitiveness in business countrywide.
Accompanied by Treasury and Public Finance Secretary José Antonio Meade Kuribreña and the head of Mexico’s Central Bank (Banxico), Agustín Carstens, the president inaugurated the Third International Forum of Social Inclusion at the National Palace.
One of the forum’s objectives is to discuss how to take advantage of the growth of the financial technologies sector (Fintech) to promote its use and engagement among the population. However, as a relatively new financial sector, it lacks proper regulation, the government believes.
“This initiative will be sent by September 20. It will help regulate this new platform and establish ways for financial mediation, which favor financial inclusion,” the president said.
The Fintech initiative draft covers subjects like forms of payment, investment management, capitalization, deposit and loans.
It also proposes new business schemes, applications, processes or products related to financial markets and institutions.
Peña Nieto said that for financial inclusion to be a reality we must take advantage of the technological advancements, as well as the greater internet connectivity that we have in the country due to the Telecommunications Reform.
“That is the challenge we are working on, but we are certainly better today than we were three years ago when we started this discussion,” said Peña Nieto.
Queen Máxima of the Netherlands and adviser to the Secretary-General of the United Nations on Financial Inclusion for Development acknowledged Mexico’s progress but warned that there are tasks that have yet to materialize.
“The creation of a strong network of correspondents will be essential to reach rural areas, where poverty is greater and bank branches are non-existent,” she said.
