Introduction to Finco Pay and its Significance
Finco Pay, a Mexican fintech company, has been granted authorization by the National Banking and Securities Commission (CNBV) to operate as an Institution of Electronic Payment Funds (IFPE). This approval, published in the Official Gazette of the Federation (DOF), marks Finco Pay as the second fintech to receive this authorization in 2025 and the 87th institution within the sector to obtain official approval.
Background and Timeline
Finco Pay submitted its application on October 28, 2023. The authorization process took 566 days, which is below the current average of 809 days for all Institutions of Financial Technology (ITF) undergoing regulatory review.
Unanimous Decision by the Interinstitutional Committee
According to the official document, members of the Interinstitutional Committee unanimously agreed to grant Finco Pay authorization for operating an electronic payment funds institution. This decision was made in accordance with Articles 11 and 35 of the Financial Technology Institutions Regulation Law, also known as the Fintech Law.
Current Partnerships and Connections
Finco Pay currently has direct access to the Interbank Electronic Payments System (SPEI) maintained by Mexico’s Banco de México and maintains a strategic alliance with Monato, a company specializing in financial infrastructure.
Regulated Fintech Landscape
Under the Fintech Law, there are 59 IFPEs and 27 Institutions of Collective Financing (IFC) operating within a regulated framework. In 2025, only two ITFs have been authorized so far, a significant decrease from 10 in 2024 and 30 in 2023. This trend reflects a consistent slowdown in approvals since the Fintech Law’s implementation in 2018.
Context and Decline in Interest
Following the law’s promulgation, numerous established companies sought to regularize their status, initially driving a substantial number of applications. However, as of March 10, 2025, only one new ITF application had been submitted, confirming a decrease in interest to enter the sector under this regulatory scheme.
Historical Data on Authorizations
Data obtained through information requests show that 13 authorization applications were submitted in 2024, similar to the 15 applications in 2023. In 2022, there were 27 applications; in 2021, there were 16; and in 2020, there were 15. The highest interest was recorded in 2019 with a total of 96 applications, just one year after the Fintech Law’s enactment.
Key Questions and Answers
- What is Finco Pay and why is its authorization significant? Finco Pay is a Mexican fintech company that has been granted authorization to operate as an Institution of Electronic Payment Funds (IFPE) by the CNBV. This authorization makes Finco Pay the second fintech to receive this approval in 2025 and the 87th institution within the sector to obtain official approval under Mexico’s Fintech Law.
- How long did the authorization process take for Finco Pay? Finco Pay submitted its application on October 28, 2023. The authorization process took 566 days, which is below the current average of 809 days for all Institutions of Financial Technology (ITF) undergoing regulatory review.
- What partnerships and connections does Finco Pay have? Finco Pay currently has direct access to the Interbank Electronic Payments System (SPEI) maintained by Mexico’s Banco de México and maintains a strategic alliance with Monato, a company specializing in financial infrastructure.
- How many IFPEs and IFCs are currently operating under the Fintech Law? Under the Fintech Law, there are 59 IFPEs and 27 Institutions of Collective Financing (IFC) operating within a regulated framework.
- Why has there been a decrease in fintech authorizations since 2018? Following the Fintech Law’s promulgation, numerous established companies sought to regularize their status, initially driving a substantial number of applications. However, interest in entering the sector has since decreased, with only one new ITF application submitted as of March 10, 2025.
