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

DOF: 29/08/2022

OFFICE LETTER through which authorization is granted for the organization and operation of an electronic payment funds institution to be named Sonect Mexico, 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.- Vice Presidency of Regulation.- General Directorate of Special Authorizations.- Technical Vice Presidency.- General Directorate of Supervision of Financial Technology Institutions.- Office No. 311-12537154/2022.

Subject:

Authorization for the organization and operation of an electronic payment funds institution to be named Sonect Mexico, S.A.P.I. de C.V., Electronic Payment Funds Institution.

SONECT AG and UAB SONECT EUROPE

Puebla Street No. 237, Floor 2, Office 2010 Roma Norte Neighborhood, Postal Code 06700 Cuauhtémoc, Mexico City.

TO:

C. VANESSA IVETTE ARROYO FONSECA Legal Representative

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 body 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, fractions XI and XXXVIII of said law, the Commission is responsible for authorizing the establishment and operation of those entities specified by 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 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 above, with a written submission presented on April 30, 2021, SONECT AG and UAB SONECT EUROPE (Sonect or the company) requested authorization from the Commission to organize and operate an Electronic Payment Funds Institution to be named Sonect Mexico, 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 for the Regulation of Financial Technology Institutions.

In accordance with Article 5, second paragraph of the Law for the Regulation of Financial Technology Institutions, this Commission warned Sonect within the term established in said law to address various observations regarding its authorization request, in addition to granting an extension of the initial term to address them.

In relation to the above, Sonect submitted documentation and information in order to respond to the aforementioned warning. Additionally, this authority required Sonect to provide various complementary documents and information in order to have sufficient elements of judgment to resolve on the authorization request presented by Sonect; the company 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 brought to your knowledge that the Interinstitutional Committee, in a session held on August 15, 2022, 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 request for the organization and operation of the electronic payment funds institution to be named Sonect Mexico, 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 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 received documentation and information, it was concluded that from a legal, financial, and operational standpoint, the requested authorization is procedent, 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

"... 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 to grant the authorization for the organization and operation of an electronic payment funds institution to be named Sonect Mexico, S.A.P.I. de C.V., Electronic Payment Funds Institution. "

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

For the above, this National Banking and Securities Commission, prior to agreement by the Interinstitutional Committee, authorizes the organization and operation of an electronic payment funds institution to Sonect Mexico, 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 Sonect Mexico, 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 $15,000,000.00 (fifteen million pesos 00/100 M.N.).

FIFTH.

Its corporate purpose will correspond to the realization 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 aforementioned legal instrument, in accordance with its corporate purpose.

SIXTH.

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

SEVENTH.

Sonect Mexico, 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 attributes, as well as of 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 Sonect Mexico, 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 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 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 related to operations with resources of illicit origin and financing of terrorism, which by their nature are applicable.

Sonect Mexico, 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, compliance with the requirements established in Article 40 of the Law for the Regulation of Financial Technology Institutions.

This is issued based on Articles 1, 2, 4, fractions XI and XXXVIII, and 10, fraction V of the Law of the National Banking and Securities Commission, and Articles 1, 3, fraction V and second paragraph, 4, fractions I, subsection B and II, subsection B, numbers 22) and 32), 12, 14, 35, fraction III and last paragraph, in correlation with 45, fraction I and 64, third paragraph 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, August 18, 2022. - General Director of Special Authorizations, Lic. José Antonio Vizcaíno Ruiz. - Initials. - General Director of Supervision of Financial Technology Institutions, Lic. Ramiro Edgar Álvarez Hernández. - Initials.

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