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

DOF: 23/04/2021

OFFICE LETTER granting authorization for the organization and operation of an electronic payment funds institution to be named BKBN, S.A.P.I. de C.V., Electronic Payment Funds 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.- Presidency.- Office No.: P071/ 2021.

Subject:

Authorization for the organization and operation of an

electronic payment funds institution to

be named BKBN, S.A.P.I. de C.V., Electronic Payment

Funds Institution.

XHASH, S.A.P.I. DE C.V.

C. NATAN ROSENGAUS RANGEL

C. BERNARDO SUÁREZ SEPÚLVEDA

Montes Urales No. 632, floor 3

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

Miguel Hidalgo, Mexico City.

TO:

C. NATAN ROSENGAUS RANGEL

C. BERNARDO SUÁREZ SEPÚLVEDA

Legal Representatives

With a written submission presented on October 1, 2019, Mr. Natan Rosengaus Rangel and Mr. Bernardo Suárez Sepúlveda, on behalf of the company named XHASH, S.A.P.I. de C.V. and in their own right, requested from the National Banking and Securities Commission (Commission) authorization to organize and operate as an electronic payment funds institution to be named BKBN, S.A.P.I. de C.V., Electronic Payment Funds Institution (BKBN or the company), attaching the corresponding supporting information and documentation.

As background, it should be noted that this Commission issued a notice to BKBN within the term established in the Law for the Regulation of Financial Technology Institutions, in order for it to address various observations and recommendations regarding its authorization application, granting the extension requested from this authority.

In relation to the above, BKBN submitted various documents and information in order to respond to the aforementioned notice. Likewise, this authority requested BKBN to provide various complementary documents and information in order to be in a position to address its authorization application, so that company complied with 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 processing, which were granted.

Regarding this matter, the Interinstitutional Committee in the session held on April 6, 2021, based on articles 11 and 35, in relation to article 22 of the Law for the Regulation of Financial Technology Institutions, and

CONSIDERING

FIRST. - That the documentation and information presented in connection with the authorization application for the organization and operation of the electronic payment funds institution to be named BKBN, S.A.P.I. de C.V., Electronic Payment Funds 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.

SECOND. - That from the analysis of the documentation and information received, it was concluded that from the legal, financial and operational point of view, the requested authorization is appropriate, and therefore the following was adopted:

AGREEMENT

"FIFTH. - The members of the Interinstitutional Committee, based on articles 11 and 35, in relation to article 22 of the Law for the Regulation of Financial Technology Institutions, unanimously approve the authorization for the organization and operation of an Electronic Payment Funds Institution to be named BKBN, S.A.P.I. de C.V., Electronic Payment Funds Institution, under the terms of the proposal presented. "

The above agreement is adopted without prejudice to the other authorizations that, in connection with the act described, must be obtained from the National Banking and Securities Commission, in accordance with the applicable provisions, as well as the exercise of the powers attributed to said Commission, during the organization process of BKBN, S.A.P.I. de C.V., Electronic Payment Funds Institution, in which all applicable conditions and requirements for the start of operations must be met.

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

BASES

FIRST.-

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

SECOND.-

It will have its corporate domicile in Mexico City.

THIRD.-

Its duration will be indefinite.

FOURTH.-

The amount of its minimum initial social capital must be at least equivalent to 500,000 Investment Units in national currency.

FIFTH.-

Its corporate purpose will correspond to all activities in national currency contemplated in articles 22 and 25, fractions I, III, IV, VII, VIII, IX, X and XIII of the Law for the Regulation of Financial Technology Institutions.

SIXTH.-

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

SEVENTH.-

The 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 powers, as well as, of the other competent financial authorities in the terms established by law.

EIGHTH.-

The services consisting of the issuance, administration, redemption and transmission of electronic payment funds that the 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 for the Regulation of 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 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 terrorism financing, which by their nature are applicable.

In accordance with what is established in article 69, fraction VI of the Law for the Regulation of Financial Technology Institutions, this authorization may be revoked if BKBN, S.A.P.I. de C.V., Electronic Payment Funds Institution does not commence operations within a period of six months counted from the notification of this authorization.

For the purposes of the above, BKBN, S.A.P.I. de C.V., Electronic Payment Funds Institution must demonstrate 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.

Finally, in a separate office letter, this Commission will inform that company of the various documents and information that BKBN, S.A.P.I. de C.V., Electronic Payment Funds Institution must demonstrate to this authority in accordance with what is established in article 40 of the Law for the Regulation of Financial Technology Institutions.

This is issued based on articles 16, fractions I and XVII of the Law of the National Banking and Securities Commission and 12 and 41, fraction I of the Internal Regulations of the National Banking and Securities Commission.

Sincerely

Mexico City, April 7, 2021. - The President, Juan Pablo Graf Noriega.- Signature.

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