Introduction to Fintech Regulation in Mexico
Since the enactment of the Financial Technology Regulation Law (Fintech Law) in 2018, a total of 198 requests have been submitted to authorize Financial Technology Institutions (ITFs) and Novel Models (NMs) by 2025, according to the latest annual compliance report on the Transparency and Organization of Financial Services by Banco de México (Banxico).
Request Breakdown
Out of these 198 requests, 134 pertain to Institutions of Electronic Payment Funds (IFPE), and 55 to Crowdfunding Institutions (IFC). The remaining 9 requests are for Novel Models.
Committee Interinstitucional’s Resolutions
The Interinstitutional Committee, comprising the National Banking and Securities Commission (CNBV), Banxico, and the Ministry of Finance, has resolved 139 expedientes. Of these, 89 were authorizations.
IFPE Request Analysis
Of the 134 IFPE requests, 78 correspond to basic business models; 18 are related to physical or online commerce; 18 propose foreign currency operations; 10 are identified as service providers, and 10 as service operators for meal vouchers.
- 62 IFPE have been authorized, with 29 under the eighth transitional article of the Fintech Law already operational.
- 18 are new institutions also currently operating.
- The rest remain in the pre-operational phase as per the legislation.
IFC Request Analysis
For the 55 IFC requests, 27 have been authorized. Out of these, 17 were approved under the eighth transitional article of the Fintech Law and are now operational, while 10 correspond to new entities.
- 64 out of the 55 requests required crowdfunding schemes, as one society can operate multiple schemes such as debt, co-ownership, and equity.
- 31 correspond to debt schemes, with 18 authorizations, 8 rejections, 4 withdrawals, and 1 pending.
- Co-ownership or royalty schemes have seen 20 requests, with 10 authorizations, 2 rejections, 7 withdrawals, and 1 pending.
- Capital schemes have received 13 requests, with 5 authorizations, 5 rejections, and 3 withdrawals.
Moreover, 34.4% of the proposed crowdfunding schemes aim to address housing sector financing demand.
Sector Size and Performance
According to Banxico’s December 2025 Financial Stability Report, the sector still represents a reduced portion of the financial system, with capital equal to 4.9% of multiple-purpose banking. However, its size is now comparable to other small financial intermediaries.
- ITF social capital represents 42.1% of Sofipos’ capital and 153.6% of Socaps’ capital.
Crowdfunding debt institution financing continues to grow until the third quarter of 2025, but high credit default levels persist, with some cases exceeding 30%.
The weighted average default rate per financed amount is 8.4%, which does not directly threaten the sector or financial system but could pose a vulnerability for investors.
IFPEs remain small compared to other financial intermediaries.
- FPEE amounts to 0.4% of bank deposits but shows an upward trend, reaching 34,392 million pesos in September 2025 from 24,629 million pesos in September 2024.
- 82.4% of the total assets reported by IFPEs with financial statements are concentrated in eight large IFPEs, those with FPEE over 1,000 million pesos.
The December 2025 Banxico Financial Stability Report indicates that the sector still represents a reduced portion, with capital equal to 4.9% of multiple-purpose banking.
