Official Letter Authorizing the Organization and Operation of Pago Confiado, S.A. de C.V., Electronic Payment Funds Institution

DOF: 27/02/2024

OFFICIAL LETTER authorizing the organization and operation of an electronic payment funds institution to be named Pago Confiado, S

A seal with the National Coat of Arms appears on the side, which reads: United Mexican States.- TREASURY.- Ministry of

Finance and Public Credit.- National Banking and Securities Commission.- Vice Presidency of Regulation.-

General Directorate of Specialized Authorizations.- Vice Presidency of Supervision of Groups and

Financial Intermediaries B.- General Directorate of Supervision of Financial Technology Institutions.-

Official Letter No.: 311-40537/2024.

Subject:

Authorization for the organization and operation

of an Electronic Payment Funds Institution to be named Pago Confiado, S.A. de C.V., Electronic Payment Funds Institution.

PAGO CONFIADO, S.A. DE C.V.

PASEO DE LA ALTIPLANICIE NO. 2087-2,
2ND FLOOR, FIJO SPACE, NUMBER 6,
VILLAS DE IRAPUATO COLONY, ZIP CODE 36670
IRAPUATO, GUANAJUATO.

TO:

MR. JAIME JOSÉ ROBLES GIL BUENO

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 constituting the Mexican financial system, in order to ensure their stability and proper functioning, as well as to maintain and foster the sound and balanced development of said system as a whole, in protection of the interests of the public. 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 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 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 November 28, 2022, Ms. Deirdre Bobadilla, representing the company named Pago Confiado, S.A. de C.V. (Pago Confiado, the Company or the Promoter), requested authorization from the Commission to organize and operate as an Electronic Payment Funds Institution to be named Pago Confiado, S.A. 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 Pago Confiado within the term established in said law to address various observations regarding its authorization request, in addition to granting it an extension of the initial term to address them.

Regarding the above, Pago Confiado submitted documentation and information in order to respond to the aforementioned warning. Additionally, this authority required the Promoter to provide various documentation and complementary information in order to have sufficient elements of judgment to resolve on the authorization request presented by Pago Confiado; a society that 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 given to it.

Having stated the above, you are hereby informed that the Interinstitutional Committee in the session held on February 12, 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 Pago Confiado, S.A. de C.V., Electronic Payment Funds Institution, meets the requirements provided for in
Article 22, in correlation with 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 documentation and information received, it was concluded that from the point of view of law, finance and operations, 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 the Articles 11 and 35 of the Law for the Regulation of Financial Technology Institutions, agreed unanimously to grant the authorization for the organization and operation of an electronic payment funds institution to be named Pago Confiado, S.A. de C.V., Electronic Payment Funds Institution, in accordance with the proposal presented."

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

SECOND.

It will have its social domicile in Irapuato, Guanajuato.

THIRD.

Its duration will be indefinite.

FOURTH.

The amount of its initial social capital will be $6,000,000.00 (six 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 the Regulation of Financial Technology Institutions. Additionally, it may carry out the activities provided for in Article 25 of the legal instrument mentioned above, in accordance with its corporate purpose.

SIXTH.

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

SEVENTH.

Pago Confiado, 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 by 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 funds of electronic payment that Pago Confiado, S.A. de C.V., Electronic Payment Funds Institution provides by virtue of this authorization, as well as the other operations that 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 provisions of general character 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 the other norms and provisions in force and those that are 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.

Pago Confiado, S.A. de C.V., Electronic Payment Funds Institution, must prove 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 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, 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, February 12, 2024.- General Director of Specialized Authorizations, Lic. Brenda Amparo Menes Cárdenas.- Signature.- General Director of Supervision of Financial Technology Institutions, Mtra. Leticia Castellanos García.- Signature.

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