Authorization for the Organization and Operation of BRX Payments, S.A. de C.V., Electronic Payment Funds Institution

DOF: 18/03/2021

OFFICE by which the authorization for the organization and operation of an electronic payment funds institution to be named BRX Payments, S.A. de C.V., Electronic Payment Funds Institution is made known.

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.: P034/ 2021.

Subject:

Authorization for the organization and operation of

an electronic payment funds institution to

be named BRX Payments, S.A. de C.V.,

Electronic Payment Funds Institution.

BROXEL VALES, S.A.P.I. DE C.V.

Av. Mario Pani No. 400, Floor 1,

Santa Fe Neighborhood, Cuajimalpa, Postal Code 05348,

Cuajimalpa de Morelos, Mexico City

TO:

MR. CARLOS ALBERTO REYES PÉREZ

Legal Representative

With writings presented on September 25 and 26, 2019, Broxel Vales, S.A.P.I. de C.V. requested from the National Banking and Securities Commission (Commission) authorization to organize and operate as an electronic payment funds institution to be named BRX Payments, S.A. de C.V., Electronic Payment Funds Institution, accompanying the corresponding supporting information and documentation.

As a background, it should be noted that this Commission warned Broxel Vales, S.A.P.I. de C.V. within the period established in the Law to Regulate Financial Technology Institutions, in order for it to address various observations and recommendations regarding its authorization request, granting the extension requested from this authority for that purpose.

In relation to the above, Broxel Vales, S.A.P.I. de C.V. submitted various documents and information in order to respond to the aforementioned warning. Likewise, this authority required Broxel Vales, S.A.P.I. de C.V. to provide various complementary documents and information in order to be in a position to address its authorization request, so that society attended to the request for complementary information and sent updated documentation and information regarding its file. The society requested an extension of the resolution period granted to it.

Regarding this matter, the Interinstitutional Committee in the session held on March 4, 2021, based on articles 11 and 35, in relation to articles 22 and 25 of the Law to Regulate 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 funds institution to be named BRX Payments, S.A. de C.V., Electronic Payment Funds Institution, meets 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, as well as with the rest of the regulation that corresponds to it by its nature;

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, so the following was adopted:

AGREEMENT

" SIXTH. - The members of the Interinstitutional Committee, based on articles 11 and 35, in relation to article 22 of the Law to Regulate Financial Technology Institutions, authorize the organization and operation of an Electronic Payment Funds Institution to be named BRX Payments, S.A. de C.V., Electronic Payment Funds Institution, under the terms of the proposal presented to the Committee. "

The previous agreement is adopted without prejudice to the other authorizations that, on the occasion of the act described, must be obtained from the National Banking and Securities Commission, in terms of the applicable provisions, as well as the exercise of the powers attributed to said Commission during the organization process of BRX Payments, S.A. de C.V., Electronic Payment Funds Institution, in which all the conditions and requirements that said Commission imposes on it must be met.

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

BASES

FIRST.-

The name of the society will be BRX Payments, S.A. 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 initial social capital will be $4,014,116.00 (four million fourteen thousand one hundred sixteen pesos 00/100 M.N.), represented by 4,014,116 Series A shares,

ordinary, registered, with a nominal value of $1.00 (one Peso 00/100 M.N), each one,

representing the fixed social capital without right to withdrawal.

FIFTH.-

Its corporate purpose will correspond to the activities indicated in article 22 of the Law to Regulate Financial Technology Institutions and will carry out the operations and the provision of the services established in article 25, sections I, IV, VII, IX, X and XIII of the aforementioned Law to Regulate Financial Technology Institutions.

SIXTH.-

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

non-transferable.

SEVENTH.-

The institution will be subject to the supervision of the National Banking and Securities Commission

and of the Bank of Mexico, in the exercise of their respective attributions, as well as,

of the other competent financial authorities in the terms that the laws provide.

EIGHTH.-

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

payment funds that the institution provides by virtue of the present 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, to the Law to

Regulate Financial Technology Institutions, to the rules and provisions of a general

nature 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 financing of terrorism, which by its

nature are applicable.

In view of what is established in article 69, section VI of the Law to Regulate Financial Technology Institutions, the present authorization may be revoked if BRX Payments, S.A.P.I. de C.V., Electronic Payment Funds Institution does not begin operations within a period of six months counted from the notification of the present authorization.

For the purposes of the above, BRX Payments, S.A.P.I. de C.V., Electronic Payment Funds Institution must verify to this Commission with 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 to Regulate Financial Technology Institutions.

Finally, in a separate office, this Commission will make known to that society, the various documents and information that BRX Payments, S.A.P.I. de C.V., Electronic Payment Funds Institution must verify to this authority in accordance with what is established in article 40 of the Law to Regulate Financial Technology Institutions.

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

Respectfully,

Mexico City, March 5, 2021. - The President, Juan Pablo Graf Noriega. - Rubric.

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