Fintechs move towards bank licensing and greater AML

• 
  Tenet Consultores
• 20 mayo, 2025
• Consulting firm , Financial ecosystem

Fintech in Mexico: from innovation to traditional banking

In recent years, the fintech ecosystem in Mexico has evolved significantly from being an emerging sector to becoming a key player within the financial system. In this context, Rocío H. Robles, financial regulation expert and partner at Tenet Consultores, has highlighted an interesting phenomenon: fintechs are taking steps to become banks by obtaining licenses to operate as Instituciones de Banca Múltiple with all the regulation that it implies.

When interviewed for El Financiero Bloomberg, she indicated that this move not only broadens the range of services that these institutions will be able to offer to their clients but also responds to a market demand for greater stability and confidence in the digital financial sector. By obtaining a banking license, these companies can access funds more securely, offer traditional financial products, and compete more fairly with established banks.

From disruption to banking regulation

Historically, traditional banks have demanded fair regulation to compete with fintechs, arguing that the latter operate with fewer restrictions. However, the current trend shows that some fintechs are applying for banking licenses due to the growing demand for more comprehensive financial services from their customers. This change not only allows them to expand their offerings but also balances the competitive conditions within the financial system.

Robles explained that Mexico has been a pioneer in fintech regulation, with the 2018 Ley para Regular las Instituciones de Tecnología Financiera, in which she actively participated in the drafting process. This legislation allowed for the recognition of new players providing technology-based financial services, which boosted the sector’s transformation. However, a reverse phenomenon is now being observed: fintech companies are seeking to become banks in order to expand their range of products and services.

“Mexico, in 2018, published its law to regulate financial technology institutions, which aimed to recognize all these new players providing 100% technology-based financial services,” Robles explained. “Seeing this competition, the traditional banking sector also turned to look at technology issues and is starting to make its own technology-based proposals.”

Recent examples of this transition include Banco Plata and Nu, which were authorized by the Mexican Comisión Nacional Bancaria y de Valores (CNBV) to operate as banks, and Mercado Libre, which has also initiated the process to obtain a banking license.

Increased regulation in the financial sector

Another crucial issue addressed by Robles is the need to strengthen financial regulation, especially in light of the U.S. government’s announcement to declare Mexican drug cartels as terrorist organizations. This measure calls for greater money laundering prevention controls, both for banks and financial institutions in general.

“In terms of money laundering and terrorist financing prevention, we are living in a time of change,” Robles said. “These statements that have been made that cartels are going to be designated as terrorists in the United States have implications in our Mexican legal system. So we will have to reinforce it there, take measures”.

Current regulations establish certain minimums to be met, but Robles emphasizes that banks can go a step further to ensure that the resources handled do not have illicit origins. This implies the implementation of advanced technologies for the prevention of money laundering, as well as greater cooperation between financial institutions and regulatory authorities.

“Regulation always gives minimums, but banks can always give a little more or they need to give a little more,” Robles said.

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Tenet Consultores advises financial institutions by providing financial, regulatory, technological and money laundering prevention consulting. If you require advice, contact Tenet Consultores at tenet.com.mx or at +52 55 3483 6715.