Mexican Congress passes fintech bill

Mexican Congress passes fintech bill

Mexico's Congress has approved a bill to regulate the fintech sector, setting rules for things like cryptocurrencies and crowdfunding, and paving the way for an open banking revolution.

Having already been approved by the Senate in December, the bill now makes its way to Mexico's president, Enrique Pena Nieto, before becoming law.

In a country with a large unbanked population, the new law is designed to encourage a burgeoning fintech scene, provide certainty for new challengers while ensuring financial stability and guarding against money laundering.

And with a large proportion of those that are banked unhappy with their providers, the introduction of an open banking model is set to boost competition. Traditional lenders will be asked to let startups and smaller banks access customers data via APIs.

Once the president signs the bill, regulators will begin writing secondary laws that set out specifics.

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