CNBV publishes for the first time data on Financial Technology Institutions in Mexico
- 5 noviembre, 2024
- Financial reports
- Por Tenet Consultores
Tenet Consultores highlights the importance of the country’s first historical publication on ITFs, including IFPEs and IFCs
Paula Marmolejo – Economics Analyst
Victor Silva – Financial Analyst
The Comisión Nacional Bancaria y de Valores’ (CNBV) first publication on Financial Technology Institutions (ITFs by its acronym in Spanish) marks a significant milestone for the fintech sector in Mexico. This report provides a comprehensive view of the performance of Instituciones de Fondos de Pago Electrónico (IFPE) and Instituciones de Financiamiento Colectivo (IFC), which not only improves transparency but also allows for measuring the growth and maturity of these institutions within the Mexican financial ecosystem.
The CNBV’s publication of this data not only reflects the evolution and maturity of the fintech sector but also underscores the need to continue promoting these institutions so that they continue to offer accessible, innovative, and secure financial services, contributing significantly to the country’s economic development. The complete information can be found at the following link: Instituciones de Tecnología Financiera – CNBV.
ITF’s DESCRIPTION
- IFPEs allow payments, purchases, and money transfers to be made digitally. These institutions can operate in local currency, foreign currency, and virtual assets.
- IFCs enable fundraising from multiple investors or lenders to finance projects, businesses, or initiatives. These institutions can operate using different financing models, such as collective loans, collective capital, donations, and rewards.
FIRST PUBLICATION OF HISTORICAL DATA
On October 7, 2024, the CNBV made its first historical publication on Mexican ITFs, which includes data on IFPEs and IFCs from January 2021 to December 2023.
The ITFs published by the authority are divided as follows according to their status and compliance in the delivery of information at the end of 2023.
- IFPE: There were 50 authorized entities, of which 37 were in operation. Of the 37 IFPEs in operation, 89% submitted information in due time and form. Within this sector, the number of IFPEs in operation has grown by 68% annually.
- IFC: There were 21 authorized entities, of which 17 were in operation. Of the latter, 94% submitted information in due time and form.
KEY PLAYERS AMONG ITFs
IFPE: STP (Sistema de Transferencias y Pagos) leads in fundraising with 35.42%. Second place goes to Mercado Pago with 30.10% of the total. In third place is OXXO’s SPIN with 12.16%. Together, these three entities hold 77.68% of the electronic payment funds issued.
IFC: Play Business leads in institutions’ assets with 22.26%. Cien Ladrillos is in second place with 13.39%, followed by Yo Te Presto with 12.50%. Together, these three institutions hold 48.15% of the institutions’ assets.
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