Official Letter Authorizing the Organization and Operation of Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution — SHCP — MX

DOF: 29/10/2021

OFFICIAL LETTER granting authorization for the organization and operation of an electronic payment funds institution to be named Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution.

A seal bearing the National Coat of Arms is placed at the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Official Letter No.: P416/ 2021.

Subject:

Authorization for the organization and operation

of an electronic payment funds institution to be named Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution.

LANAPAY MEXICO, S.A. DE C.V.

Pedregal No. 24, Virreyes Tower, 24th Floor

Molino del Rey Neighborhood, Postal Code 11040

Miguel Hidalgo, Mexico City.

TO: MR. RAÚL ELISEO ALCÁNTARA PINELO
Legal Representative

With a written submission presented on August 25, 2020, Lanapay Mexico, S.A. de C.V. (Lanapay or the company) requested authorization from the National Banking and Securities Commission (Commission) to organize and operate as an electronic payment funds institution to be named Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution, attaching the corresponding supporting information and documentation.

As background, it should be noted that this Commission issued a warning to Lanapay within the timeframe established in the Law to Regulate Financial Technology Institutions, in order for it to address various observations and recommendations regarding its authorization request, granting the extension requested from this authority.

In relation to the above, Lanapay submitted various documents and information in order to respond to the aforementioned warning. Likewise, this authority required Lanapay to provide various complementary documents and information to be in a position to address its authorization request, so that company complied with the request for complementary information and sent updated documentation and information regarding its file. The company requested an extension of the resolution deadline and a continuation for the processing, which were granted.

Regarding this matter, the Interinstitutional Committee in the session held on October 18, 2021, 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 funds institution to be named Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution, meets the requirements provided for in article 22, in relation to article 39 of the Law to Regulate Financial Technology Institutions and with 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 legal, financial and operational point of view, the requested authorization is appropriate, so the following was adopted:

AGREEMENT

"THIRD.- The members of the Interinstitutional Committee, based on articles 11 and 35, in relation to article 22 of the Law to Regulate Financial Technology Institutions, unanimously approve the authorization for the organization and operation of an Electronic Payment Funds Institution to be named Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution, under the terms of the proposal presented to the Committee. "

The aforementioned agreement is adopted without prejudice to the other authorizations that, in connection with the act described, must be obtained from the National Banking and Securities Commission, in accordance with the applicable provisions, as well as the exercise of the powers attributed to said Commission during the organization process of Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution, in which all applicable conditions and requirements for the start of operations must be met.

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

BASES

FIRST.-

The name of the company will be Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution.

SECOND.-

It will have its corporate domicile in Mexico City.

THIRD.-

Its duration will be indefinite.

FOURTH.-

The amount of its initial social capital will be $48,165,220.00 (forty-eight million one hundred sixty-five thousand two hundred twenty Mexican pesos 00/100).

FIFTH.-

Its corporate purpose will correspond to the performance of all activities in national currency contemplated in articles 22 and 25, sections I, III, IV, VII, IX, X and XIII of the Law to Regulate Financial Technology Institutions.

SIXTH.-

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

SEVENTH.-

The 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 the other competent financial authorities in the terms established by law.

EIGHTH.-

The services consisting of the issuance, administration, redemption and transmission of electronic payment funds that the institution provides by virtue of this authorization, as well as the other operations it carries out, just like its organization and operation in general, will be subject, in what is not expressly stated in this official letter, 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 regarding its operations issued by the Bank of Mexico and to the other current norms and provisions and those that are 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.

In view of what is established in article 69, section VI of the Law to Regulate Financial Technology Institutions, this authorization may be revoked if Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution does not commence operations within a period of six months counted from the notification of this authorization.

For the purposes of the above, Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution must verify to this Commission at least thirty business days in advance of the start of its operations the compliance with the requirements established in article 40 of the Law to Regulate Financial Technology Institutions.

Finally, in a separate official letter, this Commission will make known to that company the various documents and information that Lanapay Mexico, S.A. de C.V., Electronic Payment Funds Institution must verify to this authority in accordance with what is established in article 40 of the Law to Regulate Financial Technology Institutions.

This is issued based on articles 16, sections I and XVII of the Law of the National Banking and Securities Commission and 12 and 41, section I of the Internal Regulations of the National Banking and Securities Commission.

Respectfully,

Mexico City, October 21, 2021. - President, Juan Pablo Graf Noriega. - Signature.

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