Background on Jesús de la Fuente Rodríguez
Jesús de la Fuente Rodríguez served as the president of the Comisión Nacional Bancaria y de Valores (CNBV) from November 2021 to September 1, 2023. His tenure is notable for being the most active in granting authorizations to Financial Technology (Fintech) institutions since the enactment of the Ley Fintech in 2018.
Fintech Authorizations under Jesús de la Fuente
According to official correspondence published in the Diario Oficial de la Federación (DOF), during Jesús de la Fuente’s three-and-a-half-year term, 64 out of the current 87 Fintech institutions received official approval.
Comparison with Predecessors
In comparison, his predecessors had shorter terms: Adalberto Palma Gómez served from December 2018 to March 2020, and Juan Pablo Graf Noriega from March 2020 to November 2021. During Palma Gómez’s term, 21 institutions were approved under the Ley Fintech, while Graf Noriega’s term saw only one authorization for Nvio, a Bitso subsidiary.
Long Processing Times for Authorizations
De la Fuente’s administration was marked by lengthy authorization processes. For instance, the crowdfunding platform Afluenta’s approval took 1,782 days (approximately 4 years and 10 months), while the average processing time was around 889 days (2 years and 5 months) per entity.
Completion of Fintech Authorization Process
Under de la Fuente’s leadership, the CNBV concluded issuing definitive authorizations for Fintech institutions operating under the eighth transitional disposition of the Ley Fintech, thus finalizing their regularization process. These were institutions with conditional operating permits prior to the Ley Fintech’s publication.
Details of Authorized Fintechs
Of the 64 authorized Fintech institutions during this period, more than half (34) were from the list of 35 entities operating under the eighth transitional disposition, eventually receiving definitive approval. This list was revealed by the CNBV in August 2024.
However, Banxico’s Annual Report on Compliance with the Ley para la Transparencia y Ordenamiento de los Servicios Financieros, published in December 2021, indicated that 47 firms were operating under the eighth transitional disposition and had conditional approval.
The report also stated that 83 firms were operating under the eighth transitional disposition of the Ley Fintech.
Key Conditions for Firms
These firms were required to meet several conditions, such as establishing new subsidiaries and registering them in the Public Registry of Commerce, conducting corporate acts involving capital social increases, share redistributions, separation or merger processes, and modifying operational and management contracts.
Key Questions and Answers
- Who is Jesús de la Fuente Rodríguez? He served as the president of the Comisión Nacional Bancaria y de Valores (CNBV) from November 2021 to September 1, 2023.
- Why is his tenure significant? It was the most active period in granting Fintech authorizations since the Ley Fintech’s enactment in 2018.
- How many Fintech institutions were authorized during his term? 64 out of the current 87 Fintech institutions received official approval.
- How does his term compare to predecessors? His tenure was longer than those of Adalberto Palma Gómez (21 approvals) and Juan Pablo Graf Noriega (only 1 approval).
- What were the authorization processing times like? Some processes, like Afluenta’s, took around 4.5 years, while the average was about 2.5 years.
- What conditions did firms need to meet? Firms had to establish new subsidiaries, register them, conduct corporate acts involving capital changes, and modify operational and management contracts.
