According to a report from Reuters, Mexican officials have drafted a legislative proposal that would regulate the country’s FinTech industry. President Enrique Pena Nieto has said that the proposed bill will be introduced in the Mexican Senate by September 20. The draft language recognizes the important contribution that the financial technology sector makes to the nation’s economy, and stresses the need for regulatory action:
“This (legislation) recognizes the need that a sector as dynamic as that of technological innovation needs a regulatory framework that allows authorities to mitigate risks and allow for growth in a competitive environment.”
The Reuters story notes that there is massive potential for FinTech growth in Mexico, as estimates suggest that as many as half of all Mexican citizens lack access to even the most basic financial services. That represents a huge underserved market in a nation that boasts a population of roughly 127 million people.
The bill would reportedly establish rules that reduce user cost, promote competition, and help to maintain financial stability. In addition, the new regulations would target criminal activities like money laundering, and terrorist financing.
If passed into law, the proposed legislation would offer new guidelines to FinTech payment companies, crowdfunding enterprises, and cryptocurrency firms. The rules would be overseen by the nation’s central bank.