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).

The institution will be regulated by the National Banking and Securities Commission (CNBV) and Mexico’s Central Bank (Banxico). The authorization confirms that Fintoc meets the requirements outlined in the Law to Regulate Financial Technology Institutions and related general provisions.

With this approval, Fintoc becomes the 88th institution in Mexico’s IFPE segment, which currently includes 87 active companies. So far this year, only two firms have been granted IFPE status, the other being FinCo, a payment processing company authorized in June.

An IFPE is regulated under Mexico’s Fintech Law, introduced in 2018, and is permitted to issue digital wallets, digital accounts, and provide debit accounts and cards for transactions and withdrawals.

According to the DOF, Fintoc’s services will include the issuance, administration, redemption, and transmission of electronic payment funds in compliance with applicable laws and regulations. The firm’s organization and operations will be subject to oversight by CNBV and Banxico, as well as the general rules established for financial technology institutions.