Authorization for the Organization and Operation of Technology and Innovation in Payments EKT, S.A. de C.V., Electronic Payment Funds Institution

DOF: 17/04/2024

OFFICE LETTER granting authorization for the organization and operation of an electronic payment funds institution to be named Tecnología e Innovación en Pagos EKT, S.A. de C.V., Electronic Payment Funds Institution.

A seal with the National Coat of Arms appears on the margin, 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.- Vice Presidency of Supervision of Groups and Financial Intermediaries B.- General Directorate of Supervision of Financial Technology Institutions.-

Office No.: 311-40838/2024.

Subject:

Authorization for the organization and operation of an Electronic Payment Funds Institution to be named Tecnología e Innovación en Pagos EKT, S.A. de C.V., Electronic Payment Funds Institution.

GRUPO ELEKTRA, S.A.B. DE C.V.

NUEVA ELEKTRA DEL MILENIO, S.A. DE C.V.

BOULEVARD ADOLFO LÓPEZ MATEOS, NUMBER 274, FLOOR 1, ALTAVISTA NEIGHBORHOOD, ZIP CODE 01060 ÁLVARO OBREGÓN MUNICIPALITY, MEXICO CITY.

TO:

C. JESÚS MORALES AGUILAR

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 the laws, as well as exercising the other powers attributed to it by the Law of the National Banking and Securities Commission.

In this regard, Article 35 of the Law for Regulating Financial Technology Institutions establishes that persons intending to carry out the activities attributed to collective financing institutions or electronic payment funds institutions must request 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 writings submitted on December 5 and 6, 2022, Mr. Jesús Morales Aguilar, on behalf of the companies Grupo Elektra, S.A.B. de C.V., and Nueva Elektra del Milenio, S.A. de C.V. (the Company or Promoter), requested authorization from the Commission to organize and operate an Electronic Payment Funds Institution to be named Tecnología e Innovación en Pagos EKT, S.A. de C.V., Electronic Payment Funds Institution, attaching the corresponding supporting information and documentation indicated in Article 39 of the Law for Regulating Financial Technology Institutions.

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

Regarding the above, the Promoter submitted documentation and information in order to respond to the aforementioned warning. Additionally, this authority required the Promoter to provide various complementary documents and information in order to have sufficient elements of judgment to resolve on the authorization request presented by the Promoter; who attended to the request for complementary information and sent updated documentation and information regarding their file.

The Promoter requested an extension of the resolution deadline and an extension for the discharge, which were granted.

Having stated the above, you are hereby informed that the Interinstitutional Committee, in a session held on March 27, 2024, based on Articles 11 and 35, in relation to Article 22 of the Law for Regulating 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 Tecnología e Innovación en Pagos EKT, S.A. de C.V., Electronic Payment Funds Institution, complies with the requirements provided for in Articles 22, in correlation with Article 39 of the Law for Regulating 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, it is appropriate to grant the requested authorization, 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

" FIRST . - The members of the Interinstitutional Committee, in accordance with Articles 11 and 35 of the Law for Regulating Financial Technology Institutions, unanimously agreed to grant the authorization for the organization and operation of an electronic payment funds institution to be named Tecnología e Innovación en Pagos EKT, S.A. de C.V., Electronic Payment Funds Institution, in accordance with the proposed plan. "

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 Tecnología e Innovación en Pagos EKT, S.A. 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 Tecnología e Innovación en Pagos EKT, S.A. 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 Tecnología e Innovación en Pagos EKT, 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 fixed minimum social capital will be $85,000,000.00 (eighty-five million pesos 00/100 M.N.)

FIFTH.

Its corporate purpose will correspond to the performance of activities in national currency contemplated in Article 22 of the Law for Regulating 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.

Tecnología e Innovación en Pagos EKT, S.A. 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 Tecnología e Innovación en Pagos EKT, S.A. 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 Regulating 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 related to operations with resources of illicit origin and terrorism financing, which by their nature are applicable.

Tecnología e Innovación en Pagos EKT, S.A. 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 Regulating 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; Articles 142 and 145, fraction IV of the Law for Regulating Financial Technology Institutions, as well as Articles 1, 3, fraction V, 4, fractions I, section B, and II, section B, numbers 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 Gazette of the Federation on February 28, 2022.

Respectfully,

Mexico City, April 8, 2024. - 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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