Since the approval of the Fintech Law in Mexico, several Fintech companies have submitted documents for getting permission to operate. Until now, just six out of 47 are collective financing institutions, also known as crowdfunding platforms. Crow up Mex is the last one of them.
On October 11, the National Banking and Securities Commission (CNBV) authorized Crowd Up Mex (Arces.mx) to operate as a collective financing institution, or crowdfunding, under the Law to Regulate Financial Technology Institutions, also known in the country as the Fintech Law.
Crowd Up Mex, whose initial share capital is seven million pesos ($350 K), had already submitted in December 2019 and January 2020 documents to obtain said approval, however, the Commission made various observations and recommendations that were addressed to subsequently receive the respective authorization, according to a publication of this October 8 by the CNBV in the Official Gazette of the Federation (DOF).
“The members of the Inter-Institutional Committee, based on articles 11 and 35, concerning article 15 of the Law to Regulate Financial Technology Institutions, unanimously approve the authorization for the organization and operation of a Collective Financing Institution to be called Crowd Up Mex, SAPI de C.V., Institution of Collective Financing, in the terms of the approach presented ”, published the CNBV in the DOF.
In Mexico, there are around six more collective financing companies authorized by the Commission, among them Prestadero, Fundary, Doopla, M2Crowd, Cien Ladrillos, and Play Business, under the Register of Supervised Entities of the CNBV.
Regarding Electronic Payment Fund Institutions, or wallets, which are also contemplated within said law, there are five companies registered in the registry, including Coltomoney, Cuenca, Mexpago, Nvio, and STP.