Background on Asofom and its Relevance
Asofom, the Association of Multiple-Purpose Financial Societies, is a prominent organization in Mexico that brings together 247 entities focused on financing individuals and businesses. With its significant presence in the Mexican financial ecosystem, Asofom plays a crucial role in promoting financial inclusion, particularly for women and micro, small, and medium-sized enterprises (MSMEs).
Asofom’s Response to US Treasury Sections
In light of the recent scrutiny from the US Treasury Department targeting Mexican financial institutions, Asofom reaffirmed its unwavering confidence in the solidity of Mexico’s financial system.
High Regulatory Standards in Mexico
According to Asofom, the Mexican financial regulatory framework boasts high standards and is among the most demanding internationally regarding transparency and accountability.
“We have full confidence in the Mexican financial system, knowing it maintains high regulatory application levels and is one of the most rigorous globally in terms of transparency and accountability,” Asofom stated.
Call for Collaboration and Improvement
Asofom urged all non-bank financial institutions and government authorities within the Mexican financial ecosystem to join a national campaign promoting idea exchange, data sharing, and systematic protocol review. This initiative aims to facilitate immediate decision-making.
The primary goal, Asofom explained, is to advance continuous improvement in regulation and transparency while strengthening public trust among funders, investors, and other stakeholders in the sector.
Commitment to Financial Inclusion
Asofom emphasized its dedication to financial inclusion, especially for women and MSMEs. The organization reaffirmed its commitment to promoting socially impactful credit and strengthening Environmental, Social, and Governance (ESG) factor management.
Asofom also highlighted its intention to expand its reach to industries and regions where traditional banking has yet to establish a presence.
Key Questions and Answers
- What is Asofom? Asofom is an association of 247 financial entities in Mexico focused on financing individuals and businesses, promoting financial inclusion.
- Why is Asofom’s statement significant? Asofom’s reaffirmation of confidence in Mexico’s financial system amid US Treasury scrutiny highlights the robustness and high regulatory standards of Mexico’s financial sector.
- What is Asofom calling for? Asofom urges collaboration among non-bank financial institutions and government authorities to enhance regulation, transparency, and public trust.
- What are Asofom’s priorities? Asofom prioritizes financial inclusion, socially impactful credit, and strengthening ESG factors while expanding its reach to underserved industries and regions.
