Introduction to AlquimiaPay and the Fintech Landscape
AlquimiaPay, led by Sergio Loredo Foyo, has been navigating a complex and competitive environment within the Mexican fintech sector. The company’s efforts to integrate its business model with currency exchange and boutique banking services have coincided with the rapid growth of digital service startups targeting the same niche.
Key Players and Their Strategies
Some prominent figures in the Sofom ecosystem, such as Oliver Fernández of Grupo OFEM, have sought to incorporate currency exchange and boutique banking services into their business models. Meanwhile, entrepreneurs in the digital service space have also been vying for a piece of this lucrative market.
Roberto Guzmán, of Escorfin, faced reputational issues and disputes with partners as he attempted to acquire a bank, following the acquisition of a securities firm. However, with recent interventions from U.S. authorities, few remain pursuing these intentions.
AlquimiaPay’s Regulatory Compliance and Business Expansion
Under the transitional article of the Financial Technology Regulation Law, AlquimiaPay sought authorization from the National Banking and Securities Commission (CNBV) in a timely manner. While awaiting a response, the company continued offering services related to the issuance, administration, redemption, and transmission of electronic payment fund instruments.
Three years ago, Loredo Foyo experienced his first critical period after facing a penal complaint from his former business partner, Marcos Achar. Both had provided hosting services for VisitMéxico, a website commissioned by the Tourism Secretariat to attract foreign clients. Achar allegedly sabotaged the project due to non-payment, while simultaneously attempting to exercise a stock purchase option in Bankaool—a client that AlquimiaPay serviced with core banking technology.
Loredo Foyo’s subsequent attempts to acquire Coltomoney, a Fintech owned by Ignacio del Valle, and obtain its existing license proved unsuccessful due to disputes with governmental bodies. Eventually, he managed to purchase Financiera MAS, a Sofom in Monterrey, for three million dollars, with Araujo Cabarcas overseeing its operations.
Challenges and Controversies
AlquimiaPay encountered significant setbacks, including a “massive attack” affecting its users mid-last year. The extent of the financial loss remains undisclosed, with estimates suggesting losses exceeding 800 million pesos.
Clients affected by the Loredo Foyo brothers suspect foul play, believing that evidence will lead to an intervention by the UIF-SHCP and a warrant for their arrest by Interpol. Raúl García, leader of GMK Asociados, plans to file complaints against the Loredo Foyo brothers and several associates for facilitating the financial loss.
AlquimiaPay’s partners include Armando Sánchez Porras, a southeastern financier and entrepreneur, who owns Opciones Empresariales del Noreste and ByteLoan FX, a currency exchange service affiliated with Rami Estrategias.
Key Questions and Answers
- Who is Sergio Loredo Foyo and what is AlquimiaPay? Sergio Loredo Foyo is the CEO of AlquimiaPay, a Mexican fintech company offering services related to electronic payment fund instruments.
- What challenges has AlquimiaPay faced? AlquimiaPay has encountered regulatory hurdles, competition from digital service startups, and controversies involving alleged financial misconduct.
- What is the status of AlquimiaPay’s regulatory compliance? AlquimiaPay has sought authorization from the CNBV under the Financial Technology Regulation Law’s transitional article while continuing operations.
- What recent events have impacted AlquimiaPay? A “massive attack” affected users, and clients suspect financial malpractice, leading to potential legal actions against the Loredo Foyo brothers and their associates.
