CNBV Welcomes New President; Sheinbaum Urges Inclusion

This week in finance news: Fintoc secured authorization to operate as an IFPE in Mexico, while the insurance industry accelerates its digital transformation. Meanwhile, President Claudia Sheinbaum called for broader access to responsible credit, the CNBV welcomed a new president, and CIBanco resolved its legal dispute with US authorities.

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Fintoc Secures IFPE Status From Mexico’s SHCP

Chilean fintech firm Fintoc has received authorization from Mexico’s Ministry of Finance and Public Credit (SHCP) to operate as an Electronic Payment Funds Institution (IFPE), according to a notice published in the Official Gazette of the Federation (DOF).

Mexico’s Insurance Sector Targets Growth Through Tech

Interesse is leveraging AI and predictive analytics to automate routine tasks, combat fraud, and provide real-time business intelligence, aiming to make insurance a strategic asset. Despite strong sector growth and digital adoption, challenges such as low insurance culture, economic constraints, and the underinsurance revealed by disasters like Hurricane Otis persist.

Sheinbaum Calls for Broader Access to Responsible Credit

Mexican President Claudia Sheinbaum called for expanding access to responsible credit to support families and SMEs, citing the country’s low credit-to-GDP ratio compared to other major economies in Latin America and globally. She warned that limited financing constrains productivity, innovation, and equity.

CNBV Appoints Ángel Cabrera Mendoza as New President

The Mexican Ministry of Finance and Public Credit (SHCP) announced that Ángel Cabrera Mendoza will assume the presidency of the National Banking and Securities Commission (CNBV) on Sept. 1, succeeding Jesús de la Fuente Rodríguez.

CIBanco Drops Lawsuit Against US Treasury, FinCEN

CIBanco has voluntarily withdrawn its lawsuit against the US Department of the Treasury, the Financial Crimes Enforcement Network (FinCEN), and their respective leaders, according to a filing disclosed last Thursday. The bank initially filed the case after US authorities alleged in June that it had facilitated money laundering.