Authorization for the Organization and Operation of Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution

DOF: 29/06/2022

OFFICE LETTER through which authorization is granted for the organization and operation of an electronic payment funds institution to be named Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution.

A seal with the National Coat of Arms appears on the margin, stating: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Office No.: P178/ 2022.

Subject:

Authorization for the organization and operation

of an electronic payment funds institution

to be named Belvo Pagos, S.A.P.I. de C.V.,

Electronic Payment Funds Institution.

BELVO TECHNOLOGIES, S.A.P.I. DE C.V.

Av. Presidente Masaryk, number 61, interior 503

Col. Chapultepec Morales, Miguel Hidalgo

C.P. 11570, Mexico City.

TO:

C. PABLO VIGUERA ALTOLAGUIRRE

C. ORIOL TINTORÉ GAZULLA

Legal Representatives

In accordance with articles 1 and 2 of the Law of the National Banking and Securities Commission, this National Banking and Securities Commission (the Commission) is a decentralized agency of the Ministry of Finance and Public Credit, whose purpose is to supervise and regulate, within its jurisdiction, the entities comprising the Mexican financial system, in order to ensure their stability and proper functioning, as well as to maintain and foster the healthy and balanced development of said system as a whole, in protection of the public's interests. Pursuant to article 4, sections XI and XXXVIII of said law, it is the Commission's responsibility to authorize the establishment and operation of those entities specified by the laws, as well as to exercise 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 to Regulate Financial Technology Institutions establishes that persons who intend to carry out the activities attributed to collective financing institutions or electronic payment funds 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 by the Interinstitutional Committee referred to in said article 35.

Considering the foregoing, with a written submission presented on May 18, 2021, Belvo Technologies, S.A.P.I. de C.V. (Belvo or the company) requested authorization from the Commission to organize and operate as an electronic payment funds institution to be named Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution, attaching the corresponding supporting information and documentation indicated in article 39 of the Law to Regulate Financial Technology Institutions.

In terms of article 5, second paragraph of the Law to Regulate Financial Technology Institutions, this Commission warned Belvo within the term established in said law to address various observations regarding its authorization request, in addition to granting it an extension of the initial term to address them.

In relation to the foregoing, Belvo submitted various documents and information in order to respond to the aforementioned warning. Additionally, this authority requested Belvo to provide various complementary documents and information in order to have sufficient elements of judgment to resolve on the authorization request presented by Belvo; the company addressed the request for complementary information and sent updated documentation and information regarding its file. The company requested an extension of the resolution term and an extension for the discharge, which were granted to it.

Stated above, it is brought to your knowledge that the Interinstitutional Committee, in a session held on June 17, 2022, based on articles 11 and 35, in relation to article 22 of the Law to Regulate Financial Technology Institutions, and

CONSIDERING

FIRST. - That the documentation and information presented in connection with the authorization request for the organization and operation of the electronic payment funds institution to be named Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution, complies with the requirements provided for in article 22, in relation to article 39 of the Law to Regulate 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 legal, financial, and operational point of view, it is appropriate to grant the requested authorization, therefore the following was adopted:

AGREEMENT

" SOLE. - The members of the Interinstitutional Committee, based on article 35 of the Law to Regulate Financial Technology Institutions, unanimously agreed to grant the authorization for the organization and operation of an electronic payment funds institution to be named Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution, under the terms of the proposal presented. "

The aforementioned agreement is without prejudice to the other authorizations that, in connection with the described act, must be obtained from the National Banking and Securities Commission or any other financial authority, in terms of the applicable provisions, as well as the exercise of the powers attributed to said Commission during the organization process of Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution, in which the applicable requirements for the start of operations must be met.

Therefore, this National Banking and Securities Commission, prior to the agreement of the Interinstitutional Committee, authorizes the organization and operation of an electronic payment funds institution to be named Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution.

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

BASES

FIRST.

The name of the company will be Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution.

SECOND.

It will have its social domicile in Mexico City.

THIRD.

Its duration will be indefinite.

FOURTH.

The amount of its minimum fixed social capital will be $32,000,000.00 (thirty-two million pesos 00/100 M.N.).

FIFTH.

Its corporate purpose will correspond to the realization of activities in national currency contemplated in article 22 of the Law to Regulate Financial Technology Institutions. Additionally, it may carry out the activities provided for in article 25 of the aforementioned legal instrument, in accordance with its corporate purpose.

SIXTH.

The authorization referred to in this office letter is, by its very nature, non-transferable.

SEVENTH.

Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds 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 attributions, as well as of the other competent financial authorities in the terms established by the laws and provisions emanating from them.

EIGHTH.

The services consisting of the issuance, administration, redemption, and transmission of electronic payment funds that Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds 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, in what is not expressly stated in this office letter, to the Law to Regulate Financial Technology Institutions, to the rules and general provisions applicable to Financial Technology Institutions issued by the National Banking and Securities Commission, to the provisions regarding its operations issued by the Bank of Mexico, and to the provisions jointly issued by the National Banking and Securities Commission and the Bank of Mexico, and to the other current norms and provisions and those that may be 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.

Belvo Pagos, S.A.P.I. de C.V., Electronic Payment Funds Institution, must prove to this Commission, at least thirty business days in advance of the start of its operations, compliance with the requirements established in article 40 of the Law to Regulate Financial Technology Institutions; understanding that if it does not commence operations within the term indicated in article 69, section VI of the Law to Regulate Financial Technology Institutions, it would be in a cause for revocation of this authorization.

This is issued based on articles 16, sections I and XVII of the Law of the National Banking and Securities Commission, as well as articles 12, 13, 14, 35, section III and the last paragraph, and 45, section I of the Internal Regulations of the National Banking and Securities Commission, published in the Official Gazette of the Federation on February 28, 2022.

Respectfully,

Mexico City, June 20, 2022. - President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez. - Rubric.

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