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

DOF: 15/08/2023

OFFICE LETTER through which authorization is granted for the organization and operation of an Electronic Payment Fund Institution to be named Cashmind, 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 Special Authorizations.- General Directorate of Supervision of Financial Technology Institutions.- Office No.: 311-96156/2023.

Subject:

Authorization for the organization and operation of an Electronic Payment Fund Institution to be named Cashmind, S.A. de C.V., Electronic Payment Fund Institution.

CASHMIND, S.A. DE C.V.

CALLE BOSQUE DE RADIATAS NUMBER 22 GROUND FLOOR, OFFICE 1, BOSQUES DE LAS LOMAS COLONY, CUAJIMALPA DE MORELOS ALCALDÍA, ZIP CODE 05120, MEXICO CITY.

TO:

MR. JORGE ESTEBAN HIRSCHFELD MERELES

LEGAL REPRESENTATIVE

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 constituting the Mexican financial system, in order to ensure their stability and proper functioning, as well as to maintain and foster 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 establishment 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 to Regulate Financial Technology Institutions establishes that persons who intend to carry out the activities attributed to institutions of crowdfunding or electronic payment funds, must request their authorization as a financial technology institution before the Commission, which will grant it when, in its judgment, the legal and regulatory requirements are adequately met, prior to agreement of the Inter-institutional Committee referred to in said
article 35.

Considering the above, with a written submission presented on June 21, 2022, Mr. Jorge Esteban Hirschfeld Mereles, on behalf of the company named Cashmind, S.A. de C.V. (Cashmind, the Company or the Promoter), requested authorization from the Commission to organize and operate an Electronic Payment Fund Institution to be named Cashmind, S.A. de C.V., Electronic Payment Fund Institution, accompanying therewith 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 Cashmind 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.

With respect to the above, Cashmind submitted documentation and information in order to respond to the warning referred to above. Additionally, this authority required Cashmind to provide various complementary documentation and information in order to have sufficient elements of judgment to resolve on the authorization request presented by Cashmind; a society that attended to 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 made known to you that the Inter-institutional Committee in a session held on August 4 of 2023, 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 Fund Institution to be named Cashmind, S.A. de C.V., Electronic Payment Fund Institution, complies with the requirements provided for in article 22, in correlation with article 39 of the Law to Regulate Financial Technology Institutions and with the 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 legal, financial and operational it is appropriate to grant the requested authorization, therefore, pursuant to the certification of the Secretary of the Inter-institutional Committee, which is transcribed in the relevant part, the following was adopted:

AGREEMENT

" SECOND. - The members of the Inter-institutional Committee, pursuant to articles 11 and 35, in relation to article 22 of the Law to Regulate Financial Technology Institutions, unanimously agreed to grant the authorization for the organization and operation of an electronic payment fund institution to be named Cashmind, S.A. de C.V., Electronic Payment Fund Institution. "

The above agreement is adopted without prejudice to the other authorizations that, in connection with the act described, must be obtained from the Commission or any other financial authority, in terms of the applicable provisions, as well as the exercise of the powers attributed to the Commission itself during the process of organization of Cashmind, 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 Inter-institutional Committee authorizes the organization and operation of an Electronic Payment Fund Institution to be named Cashmind, 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 Cashmind, 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 minimum social capital will be at least the equivalent in national currency to 500,000 UDIS.

FIFTH.

Its corporate purpose will correspond to the 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 legal instrument mentioned above, in accordance with its corporate purpose.

SIXTH.

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

SEVENTH.

Cashmind, 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 powers, as well as other competent financial authorities in the terms established by laws and provisions emanating from them.

EIGHTH.

The services consisting of the issuance, administration, redemption and transmission of electronic payment funds that Cashmind, 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 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 jointly issued by the National Banking and Securities Commission and the Bank of Mexico and to other current norms and provisions and those that may be issued in the future by any competent authority, including those relating to operations with resources of illicit origin and terrorist financing, that by their nature are applicable.

Cashmind, S.A. de C.V., Electronic Payment Fund Institution, must demonstrate to this Commission, with at least thirty business days' advance notice prior to the start of its operations, compliance with the requirements established in article 40 of the Law to Regulate 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, fraction V of the Law of the National Banking and Securities Commission, as well as articles 1, 3, fraction V, 4, fractions I, section B, and II, section B, numerals 22) and 32), 14, 35, 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, August 7, 2023.- General Director of Special Authorizations, Lic.
Brenda Amparo Menes Cárdenas.- Signature.- General Director of Supervision of Financial Technology Institutions, Mtra. Leticia Castellanos García.- Signature.

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