Official Letter Authorizing the Organization and Operation of Depósitos y Pagos Digitales, S.A.P.I. de C.V., Electronic Payment Funds Institution

DOF: 25/11/2022

OFFICIAL LETTER granting authorization for the organization and operation of an electronic payment funds institution to be named Depósitos y Pagos Digitales, S.A.P.I. de C.V., Electronic Payment Funds Institution.

A seal bearing the National Coat of Arms appears on the margin, stating: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Vice Presidency of Regulation.- General Directorate of Specialized Authorizations.- Technical Vice Presidency.- Official Letter No. 311-21134548/ 2022.

Subject:

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

Kuspit Casa de Bolsa, S.A. de C.V.
Blvd. Manuel Ávila Camacho No. 24, Floor PH
Colonia Lomas de Chapultepec, C.P. 11000
Miguel Hidalgo, Mexico City.

TO:

Mr. Eduardo González Zariñana
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, it is the Commission's responsibility to authorize the constitution and operation of those entities specified by the laws, as well as to exercise 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 the Regulation of 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 if, 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 foregoing, with a written submission presented on October 21, 2021, Kuspit Casa de Bolsa, S.A. de C.V. (Kuspit or the company) requested authorization from the Commission to organize and operate an Electronic Payment Funds Institution to be named Depósitos y Pagos Digitales, 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 issued a notice to Kuspit 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.

In relation to the above, Kuspit submitted documentation and information to respond to the aforementioned notice. Additionally, this authority requested Kuspit to provide various complementary documents and information in order to have sufficient elements of judgment to resolve on the authorization request presented by Kuspit; the company addressed the request for complementary information and sent updated documentation and information regarding its file. The company requested an extension of the resolution deadline and an extension for the processing, which were granted.

With the above stated, you are informed that the Interinstitutional Committee, in a session held on November 16, 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 Depósitos y Pagos Digitales, S.A.P.I. de C.V., Electronic Payment Funds Institution, complies with the requirements provided 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 appropriate, 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

" SOLE.- 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 Depósitos y Pagos Digitales, S.A.P.I. de C.V., Electronic Payment Funds Institution. "

The above agreement is adopted without prejudice to 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 Depósitos y Pagos Digitales, S.A.P.I. 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 Depósitos y Pagos Digitales, 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 shall be Depósitos y Pagos Digitales, S.A.P.I. de C.V., Electronic Payment Funds Institution.

SECOND.

It shall have its social domicile in Mexico City.

THIRD.

Its duration shall be indefinite.

FOURTH.

The amount of its initial social capital shall be $12,300,000.00 (twelve million three hundred thousand pesos 00/100 M.N.).

FIFTH.

Its corporate purpose shall correspond to the performance 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 official letter is, by its very nature, non-transferable.

SEVENTH.

Depósitos y Pagos Digitales, S.A.P.I. de C.V., Electronic Payment Funds Institution shall 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 of other competent financial authorities in the terms established by laws and provisions emanating therefrom.

EIGHTH.

The services consisting of the issuance, administration, redemption, and transmission of electronic payment funds that Depósitos y Pagos Digitales, 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, shall 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 terrorist financing, which by their nature are applicable.

Depósitos y Pagos Digitales, 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 the legal provisions previously invoked, as well as in the exercise of powers conferred in Articles 1, 2, 4, fractions XI and XXXVIII, 10, fractions III and V of the Law of the National Banking and Securities Commission, as well as Articles 1, 3, fractions IV and V, 4, fractions I, sections A and B, and II, section A, numeral 5) and section B, numeral 32), 14, 17, 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, November 17, 2022. - General Director of Specialized Authorizations,
Lic. José Antonio Vizcaíno Ruiz.- Signature.- Technical Vice President, Lic. Ramiro Edgar Álvarez Hernández.- Signature.

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