Official Letter Authorizing the Organization and Operation of Yucash Mx, S.A.P.I. de C.V., an Electronic Payment Funds Institution

DOF: 12/08/2024

OFFICIAL LETTER through which authorization is granted for the organization and operation of an electronic payment funds institution to be named Yucash Mx, S

At the margin, a seal with the National Coat of Arms, 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.-

Official Letter No. 311-41583/2024.

Subject:

Authorization for the organization and operation of an

Electronic Payment Funds Institution to

be named Yucash Mx, S.A.P.I. de C.V.,

Electronic Payment Funds Institution.

YUCASH MX, S.A.P.I. DE C.V.

36TH STREET NO. 325, BENITO JUÁREZ NORTE COLONY,

C.P. 97119, MÉRIDA, YUCATÁN.

TO:

MR. JOSÉ ENRIQUE LÓPEZ LAGUNAS

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 that are part of 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 interests of the public. Pursuant to article 4, fractions XI and XXXVIII of said Law, the Commission is responsible for authorizing the constitution 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 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 their 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.

Considering the above, with a written submission presented on March 28, 2023, Mr. José Enrique López Lagunas, on behalf of the company named Yucash Mx, S.A.P.I. de C.V. (Yucash or the Company), requested authorization from the Commission to organize and operate as an Electronic Payment Funds Institution to be named Yucash Mx, 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 warned the Company within the term established in said law to address various observations regarding its authorization request to organize and operate as an Electronic Payment Funds Institution, whereupon Yucash submitted documentation and information in order to respond to the aforementioned warning.

Additionally, this authority required the Company to provide various complementary documents and information in order to have sufficient elements of judgment to resolve the authorization request presented, for which reason Yucash, in response to said requirement, sent updated documentation and information regarding its file.

Likewise, the Company requested an extension of the resolution term, which was granted by this Commission.

Having stated the above, you are hereby informed that the Interinstitutional Committee, in a session held on July 26, 2024, based on articles 11 and 35 both 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 Yucash Mx, S.A.P.I de C.V., Electronic Payment Funds Institution, complies with the requirements provided for in 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 legal, financial, and operational standpoint, the requested authorization is procedurally 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

" FIRST.- The members of the Interinstitutional Committee, in accordance with articles

11 and 35 of the Law for the Regulation of Financial Technology Institutions, agreed by

unanimity to grant the authorization for the organization and operation of an institution of

electronic payment funds to be named Yucash Mx, S.A.P.I de C.V., Institution of

Electronic Payment Funds, in accordance with the proposed proposal."

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 organization process of Yucash Mx, S.A.P.I de C.V., Electronic Payment Funds Institution, in which the applicable requirements for the start of operations must be fulfilled.

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 Yucash Mx, 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 Yucash Mx, S.A.P.I de C.V., Electronic Payment Funds Institution.

SECOND.

It shall have its corporate domicile in Mérida, Yucatán.

THIRD.

Its duration shall be indefinite.

FOURTH.

The amount of its initial social capital shall be $5 ' 606,300.00 (five million, six hundred six thousand three hundred pesos 00/100 M.N).

FIFTH.

Its corporate purpose shall 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 aforementioned legal instrument, in accordance with its corporate purpose.

SIXTH.

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

intransmissible.

SEVENTH.

Yucash Mx, 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 attributes, as well as of the other competent financial authorities

in the terms established by the laws and the provisions emanating from these.

EIGHTH.

The services consisting of the issuance, administration, redemption and transmission of

electronic payment funds that Yucash Mx, 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 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

valid 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

terrorist financing, which by their nature are applicable.

Yucash Mx, 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 cited above, 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 the Regulation of 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, fractions I, subsection b), III and last paragraph, 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, August 5, 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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