Authorization for the Organization and Operation of Alto Azareo Tecnología, S.A. de C.V., Electronic Payment Fund Institution

DOF: 10/04/2023

OFFICE LETTER through which authorization is granted for the organization and operation of an Electronic Payment Fund Institution to be named Alto Azareo Tecnología, S.A. de C.V., Electronic Payment Fund Institution.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- TREASURY.- Ministry of

Finance and Public Credit.- National Banking and Securities Commission.- Vice Presidency of Regulation.-

General Directorate of Specialized Authorizations.- Technical Vice Presidency.- Office No.: 311-95312/ 2023.

Subject:

Authorization for the organization and

operation of an Electronic Payment Fund

Institution to be named Alto Azareo

Tecnología, S.A. de C.V., Electronic Payment

Fund Institution.

MR. JOSÉ MIGUEL DESENTIS BARAHONA

MR. JUAN JOSÉ FERNÁNDEZ GALLARDO MÁRQUEZ

MR. RODOLFO L. CORCUERA MEIER

Montes Urales No. 424, Col. Lomas Virreyes,

Lomas de Chapultepec, V Section, C.P. 11000

Mexico City, Mexico.

In terms of articles 1 and 2 of the Law of the National Banking and Securities Commission, this National

Banking and Securities Commission (Commission) is a decentralized body of the Ministry of Finance and

Public Credit, whose purpose is to supervise and regulate, within its jurisdiction, the entities

that are part of the Mexican financial system, in order to ensure their stability and proper functioning, as well

as to maintain and promote the sound and balanced development of said system as a whole, in protection of

the interests of the public. Pursuant to article 4, fractions XI and XXXVIII of said law, the Commission is

responsible for authorizing the constitution and operation of those entities specified by the laws, as well as

exercising the other powers attributed to it by the Law of the National Banking and Securities

Commission.

In that order of ideas, article 35 of the Law for the Regulation of Financial Technology Institutions

establishes that persons who intend to carry out the activities attributed to crowdfunding institutions or

electronic payment fund institutions, must request their authorization as a financial technology institution from

the Commission, which will grant it when, in its judgment, the legal and regulatory requirements are adequately

met, prior to agreement of the Interinstitutional Committee referred to in said

article

35.

Considering the above, with a written submission presented on February 28, 2022, the aforementioned

Messrs. José Miguel Desentis Barahona, Juan José Fernández Gallardo Márquez, and Rodolfo L. Corcuera Meier, requested authorization from the Commission

to organize and operate an electronic payment fund institution to be named Alto

Azareo Tecnología, S.A. de C.V., Electronic Payment Fund Institution, accompanying the same

with the corresponding supporting information and documentation indicated in article 39 of the Law for the Regulation of

Financial Technology Institutions.

In terms of article 5, second paragraph of the Law for the Regulation of Financial Technology

Institutions, this Commission warned the interested parties within the term established in said law to

address various observations regarding their authorization request, in addition to granting them an

extension of the initial term to address them.

In relation to the above, the interested parties sent documentation and information in order to

respond to the aforementioned warning. Additionally, this authority required the interested parties to provide various

documentation and complementary information in order to have sufficient elements of judgment

to resolve on the authorization request presented by the interested parties; who attended

the request for complementary information and sent updated documentation and information regarding

their file. The interested parties requested an extension of the resolution term and an extension

for the discharge, which were granted to them.

Stating the above, it is brought to your knowledge that the Interinstitutional Committee in session held on

March 28, 2023, based on articles 11 and 35, in relation to article 22 of the Law for

Regulation of Financial Technology Institutions and,

CONSIDERING

FIRST.- That the documentation and information presented on the occasion of the authorization request

for the organization and operation of the electronic payment fund institution to be named Alto Azareo

Tecnología, S.A. de C.V., Electronic Payment Fund Institution, meets the requirements provided for in

article 22, in relation to article 39 of the Law for the Regulation of Financial Technology Institutions and

with articles 3, 4 and 6 of the General Provisions applicable to Financial Technology Institutions, and,

SECOND.- That from the analysis of the documentation and information received, it was concluded that from the point

of view of legal, financial and operational aspects, it is appropriate to grant the requested authorization, therefore, in accordance

with the certification of the Secretary of the Interinstitutional Committee, which is transcribed in the relevant part, the following was adopted:

AGREEMENT

" FOURTH. - The members of the Interinstitutional Committee, in accordance with articles

11 and 35, in relation to article 22 of the Law for the Regulation of Financial Technology

Institutions, unanimously agreed that the authorization be granted for the organization and

operation of an electronic payment fund institution to be named Alto Azareo

Tecnología, S.A. de C.V., Electronic Payment Fund Institution. "

The aforementioned agreement is adopted without prejudice to the other authorizations that, on the occasion of the act described,

must be obtained from the Commission or any other financial authority, in terms of the applicable

dispositions, as well as the exercise of the powers attributed to the Commission itself during the process of

organization of Alto

Azareo Tecnología, S.A. de C.V., Electronic Payment Fund Institution, in which

the applicable requirements for the start of operations must be met.

For the above reason, this National Banking and Securities Commission, prior to the agreement of the Interinstitutional Committee

authorizes the organization and operation of an electronic payment fund institution to be named Alto

Azareo Tecnología, S.A. de C.V., Electronic Payment Fund Institution.

The entity whose organization and operation is authorized, will be subject to the following:

BASES

FIRST.

The name of the company will be Alto Azareo Tecnología, S.A. de C.V., Electronic Payment

Fund Institution.

SECOND.

It will have its social domicile in Mexico City.

THIRD.

Its duration will be indefinite.

FOURTH.

The amount of its initial social capital will be $11,000,000.00 (eleven million pesos 00/ 100 M.N.).

FIFTH.

Its corporate purpose will correspond to the performance of all activities in national currency

contemplated in article 22 of the Law for the Regulation of Financial Technology

Institutions. Additionally, it may carry out the activities provided for in article 25 of the

legal instrument mentioned above, in accordance with its corporate purpose.

SIXTH.

The authorization referred to in this office letter is, by its very nature,

non-transferable.

SEVENTH.

Alto Azareo Tecnología, S.A. de C.V., Electronic Payment Fund Institution will be

subject to the supervision of the National Banking and Securities Commission and the Bank of

Mexico, in the exercise of their respective attributes, as well as the other financial

authorities competent in the terms established by the laws and provisions emanating from

this.

EIGHTH.

The services consisting of the issuance, administration, redemption and transmission of funds

of electronic payment that Alto Azareo Tecnología, S.A. de C.V., Electronic Payment

Fund Institution provides by virtue of this authorization, as well as the other

operations it carries out, as well as its organization and operation in general, will be

subject to the Law for the Regulation of Financial Technology Institutions, to the rules and

general provisions applicable to Financial Technology Institutions

that the National Banking and Securities Commission issues, to the provisions that jointly

issued the National Banking and Securities Commission and the Bank of Mexico and to the

other current norms and provisions and those that are issued in the future by any

competent authority, including those related to operations with resources of illicit origin

and terrorist financing, which by their nature are applicable.

Alto Azareo Tecnología, S.A. de C.V., Electronic Payment Fund Institution, must prove to this

Commission, at least thirty business days in advance of the start of its operations, the compliance with

the requirements established in article 40 of the Law for the Regulation of Financial Technology Institutions.

This is issued based on the legal provisions previously invoked, as well as in the exercise

of the powers conferred in articles 1, 2, 4, fractions XI and XXXVIII, 10, fractions III and V of the Law of

the National Banking and Securities Commission, as well as articles 1, 3, fractions IV and V, 4, fractions I,

sections A and B and II, section A, numeral 5) and section B, numeral 32), 14, 17, 35 and 45, fraction I and 64, third

paragraph of the Internal Regulations of the National Banking and Securities Commission, published in the Official Journal

of the Federation on February 28, 2022.

Respectfully,

Mexico City, March 29, 2023. - General Director of Specialized

Authorizations, Lic. José

Antonio Vizcaíno Ruiz.- Signature.- Technical Vice President, Lic. Ramiro Edgar Álvarez Hernández.- Signature.

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