Office Letter Granting Authorization for the Organization and Operation of an Electronic Payment Funds Institution to Be Named Efectifintech, S.A. de C.V., Electronic Payment Funds Institution — SHCP — MX

Official Gazette of the Federation: 20/07/2023

OFFICE LETTER granting authorization for the organization and operation of an electronic payment funds institution to be named Efectifintech, S

In the margin a seal with the National Shield, reading: United Mexican States.- TREASURY.- Secretariat of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Office Letter No.: P108/ 2021.

Subject:

Authorization for the organization and operation of an

electronic payment funds institution to

be named Efectifintech, S.A. de C.V., Institution

of Electronic Payment Funds.

EFECTIVALE, S. DE R.L. DE C.V.

Saltillo No. 19, Floor 5,

Col. Condesa, Zip Code 06140,

Cuauhtémoc, Mexico City.

ATTENTION:

Mr. PEDRO DE LA PEÑA KURI

Legal Representative

With a document presented on September 23, 2019, Efectivale, S. de R.L. de C.V. requested from the

National Banking and Securities Commission (Commission) authorization to organize and operate an institution of

electronic payment funds to be named Efectifintech, S.A. de C.V., Institution of Electronic Payment

Funds, attaching thereto the corresponding supporting information and documentation.

As background, it should be noted that this Commission required Efectivale, S. de R.L. de C.V.

within

the period established in the Law for Regulating Financial Technology Institutions, in order that it address

various observations and recommendations in relation to its authorization request, granting thereto

the requested extension to this authority.

In relation to the above, Efectivale, S. de R.L. de C.V. submitted various documentation and information with

the aim of responding to the aforementioned requirement. Likewise, this authority required Efectivale, S. de

R.L. de C.V., various complementary documentation and information in order to be in conditions

address its authorization request, therefore, that society addressed the request for complementary information

and sent updated documentation and information in relation to its file. The society

requested an extension to the resolution deadline which was granted.

On the matter, the Interinstitutional Committee in session held on May 10, 2021, with

basis on articles 11 and 35, in relation to articles 22 and 25 of the Law for Regulating the

Financial Technology Institutions and,

CONSIDERING

FIRST.- That the documentation and information presented by reason of the authorization request

for the organization and operation of the Institution of Electronic Payment Funds to be named Efectifintech,

S.A. de C.V., Institution of Electronic Payment Funds, complies with the requirements provided in article 22,

in relation to article 39 of the Law for Regulating Financial Technology Institutions and with the

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 point

of view legal, financial and operational it is appropriate to grant the requested authorization, therefore the following was adopted:

AGREEMENT

" FIRST.- The members of the Interinstitutional Committee, with basis on articles 11 and 35, in

relation to article 22 of the Law for Regulating Financial Technology Institutions, approve by

unanimity the authorization for the organization and operation of an Institution of Electronic Payment Funds

to be named Efectifintech, S.A. de C.V., Institution of Electronic Payment Funds, in the terms of the

proposal presented to the Committee. "

The previous agreement is adopted without prejudice to the other authorizations that by reason of the described act

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 the Commission itself during the organization process of

Efectifintech, S.A. de C.V., Institution of Electronic Payment Funds, in which all

the conditions and requirements that the Commission itself imposes on it shall be met.

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

CONDITIONS

FIRST.-

The name of the society will be Efectifintech, S.A. de C.V., Institution of Electronic

Payment Funds.

SECOND.-

It will have its registered office in Mexico City.

THIRD.-

Its duration will be indefinite.

FOURTH.-

The amount of its initial share capital will be $5 ' 200,000.00 (five million two hundred thousand

pesos 00/100 National Currency).

FIFTH.-

Its corporate purpose will correspond to the activities indicated in article 22 of the Law for

Regulating 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 for Regulating Financial Technology Institutions.

SIXTH.-

The authorization referred to in this office letter is, by its own 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 attributes, 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 funds

of electronic payment, 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 indicated in this office letter, to the Law for

Regulating Financial Technology Institutions, to the rules and general provisions

applicable to Financial Technology Institutions issued by the Commission

National Banking and Securities, to the provisions that regarding its operations

issues the Bank of Mexico and to the

other norms and provisions in force and those that

are issued in the future by any competent authority, including those relative to

operations with resources of illicit origin and financing of terrorism, which by its

nature result applicable.

In relation to the above exposed, Efectifintech, S.A. de C.V., Institution of Electronic Payment Funds

must observe the terms and attend the obligations contained in Office Letter No. P109/2021 dated 13

of May of the current year.

The present, is issued with basis on articles 16, sections I and XVII of the Law of the Commission

National Banking and Securities and 12 and 41, sections I and III of the Internal Regulations of the Commission National

Banking and Securities.

Sincerely

Mexico City, as of May 13, 2021. - President, Juan Pablo Graf Noriega.- Signature.

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