This sector has experienced exponential growth in recent years that has consolidated the Latin American country as one of the most productive areas for its development. The main reasons are the size of its population (over 120 million inhabitants) and the approval in March 2018 of the Law to Regulate Financial Technology Institutions, or Fintech Act.
Thus, Mexico has established itself as one of the main drivers of financial innovation, becoming the second largest Fintech ecosystem in Latin America, behind Brazil, with more than 330 start-ups.
This sector occupies a prominent role in the Mexican economy by offering more efficient, agile, comfortable and lower cost alternatives to traditional methods, which has meant a profound change in the financial markets.
This attractiveness is reflected nationally, as well as internationally. Not only do 83% of Mexican start-ups develop their activity within the region, but more than 60% of Spanish technology companies show an enormous interest in operating in Mexico, which has been a great challenge for the regulators of this activity in Mexico.
Faced with the need to draft a specific regulation in Mexico, authorities promulgated the ‘Fintech Law’, which establishes the appropriate tools to ensure the proper development of the sector’s activity. Thus, it seeks to reduce risks and improve the transparency of operations, to provide security and protection to users and investors, and to promote confidence in financial technology models.
Logalty accompanies Fintech companies, both from Spain as well as from its Mexico City office, with its electronic contracting service with evidence by intermediation, so as to certify digital transactions with electronic evidence.
