Lawyers saw a flurry of activity in Mexico this year as financial technology companies raced to meet a September deadline to file for operating licenses. But for lawyers with fintech expertise, that was just the beginning.
The Mexican banking commission, the CNBV, estimates that about 200 of the more than 515 fintech firms operating in the country require an operating license. As of the September deadline, only 85 companies had applied for one. The license requirement was part of an expansive 2018 fintech law that borrows best practices from the U.K. and Switzerland and has already become a model to emulate in other Latin American countries.
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