Official Letter granting authorization for the organization and operation of an Electronic Payment Funds Institution to be named NERITOPAY, S.A.P.I. de C.V., Electronic Payment Funds Institution

Official Gazette of the Federation: 05/19/2023

OFFICIAL LETTER whereby authorization is granted for the organization and operation of an Electronic Payment Funds Institution to be named NERITOPAY, S

In the margin a seal with the National Shield, reading: United Mexican States.- TREASURY.- Secretariat of the Treasury and Public Credit.- National Banking and Securities Commission.- Vice Presidency of Normativity.- General Directorate of Specialized Authorizations.- Technical Vice Presidency.- Official Letter No.: 311-95627/ 2023.

Subject :

Authorization for the organization and operation of an Electronic Payment Funds Institution to be named NERITOPAY, S.A.P.I. de C.V., Electronic Payment Funds Institution.

Citizen JOSÉ ÁNGEL ARIAS ÁLVAREZ

Citizen ENRIQUE GÓMEZ MIER

Citizen DIEGO RAMÓN GARCÍA MORA

Citizen HÉCTOR JESÚS ORTIZ QUIROZ

Citizen GUILLERMO LAGARDA CUEVAS

Citizen FRANCISCO XAVIER YUKIO INUKAI BARRÓN

Coahuila No. 68

Centro Neighborhood, Postal Code 8300

Hermosillo, Sonora

In terms of articles 1 and 2 of the Law of the National Banking and Securities Commission, this National Banking and Securities Commission (Commission) is a decentralized body of the Secretariat of the Treasury and Public Credit, which aims to supervise and regulate within its competence the entities comprising the Mexican financial system, in order to ensure their stability and correct functioning, as well as maintain and promote the sound and balanced development of said system as a whole, in protection of the public interest. According to article 4, sections XI and XXXVIII of said law, the Commission is responsible for authorizing the constitution and operation of those entities indicated 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 order of ideas, article 35 of the Law to Regulate Financial Technology Institutions establishes that persons who intend to carry out the activities attributed to crowdfunding institutions or electronic payment funds institutions, must request their authorization as a financial technology institution before the Commission, which will grant it when in its judgment the legal and regulatory requirements are adequately met, prior agreement of the Interinstitutional Committee referred to in said article 35.

Considering the above, with documents presented on March 31 and April 4, 2022, Citizen José Ángel Arias Álvarez, on his own right and on behalf of Citizens Diego Ramón García Mora, Héctor Jesús Ortíz Quiroz, Enrique Gómez Mier, Guillermo Lagarda Cuevas and Francisco Xavier Yukio Inukai Barrón (Applicant), requested authorization from the Commission to organize and operate as an electronic payment funds institution to be named NERITOPAY, S.A.P.I. de C.V., Electronic Payment Funds Institution, attaching thereto the corresponding supporting information and documentation indicated in article 39 of the Law to Regulate Financial Technology Institutions.

In terms of article 5, second paragraph of the Law to Regulate Financial Technology Institutions, this Commission prevented the Applicant within the period established in said law to address various observations regarding their authorization request, in addition to granting an extension to the initial period to address them.

In relation to the above, the Applicant sent documentation and information in order to respond to the aforementioned prevention. Additionally, this authority required diverse complementary documentation and information from the Applicant in order to have sufficient elements of judgment to resolve the authorization request presented by the Applicant; which complied with the request for complementary information and sent updated documentation and information regarding their file.

The Applicant requested an extension to the resolution period and an extension for compliance, which were granted.

Having stated the above, you are informed that the Interinstitutional Committee in session held on May 12, 2023, 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 on the occasion of the authorization request for the organization and operation of the electronic payment funds institution, to be named NERITOPAY, S.A.P.I. de C.V., Electronic Payment Funds Institution, complies with the requirements provided in article 22, in correlation 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, and,

SECOND.- That from the analysis of the documentation and information received it was concluded that from the legal, financial and operational point of view 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 articles 11 and 35, in relation to article 22 of the Law to Regulate Financial Technology Institutions, agreed by unanimity that authorization be granted for the organization and operation of an electronic payment funds institution to be named NERITOPAY, S.A.P.I. de C.V., Electronic Payment Funds Institution. "

The previous agreement is adopted without prejudice to the other authorizations that due to the described act, must be obtained from the Commission or any other financial authority, in terms of the applicable provisions, as well as the exercise of the powers attributed to the Commission itself during the organization process of NERITOPAY, S.A.P.I. de C.V., Electronic Payment Funds Institution, in which the applicable requirements for the start of operations must be complied with.

Therefore, this National Banking and Securities Commission, prior agreement of the Interinstitutional Committee, authorizes the organization and operation of an electronic payment funds institution to be named NERITOPAY, 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:

CONDITIONS

FIRST.

The name of the company shall be NERITOPAY, S.A.P.I. de C.V., Electronic Payment Funds Institution.

SECOND.

It shall have its social domicile in Hermosillo, Sonora.

THIRD.

Its duration shall be indefinite.

FOURTH.

The amount of its minimum social capital shall be at least the equivalent in national currency to 500,000 UDIs.

FIFTH.

Its corporate purpose shall correspond to the realization of the activities in national currency contemplated in article 22 of the Law to Regulate Financial Technology Institutions. Additionally, it may carry out the activities provided in article 25 of the aforementioned legal order, in accordance with its corporate purpose.

SIXTH.

The authorization referred to in this official letter is, by its own nature, non-transferable.

SEVENTH.

NERITOPAY, 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 that the laws provide and provisions emanating from these.

EIGHTH.

The services consisting of the issuance, administration, redemption and transmission of electronic payment funds that NERITOPAY, 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 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 may be issued in the future by any competent authority, including those relating to operations with resources of illicit origin and financing of terrorism, which by their nature are applicable.

NERITOPAY, S.A.P.I. de C.V., Electronic Payment Funds Institution, must accredit to this Commission, with at least thirty business days of anticipation to the start of its operations, compliance with the requirements established in article 40 of the Law to Regulate Financial Technology Institutions.

The present is issued based on the aforementioned legal provisions, as well as in exercise of the powers conferred in articles 1, 2, 4, sections XI and XXXVIII, 10, sections III and V of the Law of the National Banking and Securities Commission, as well as articles 1, 3, sections IV and V, 4, sections I, subsections A and B, and II, subsection A, numeral 5) and subsection B, numeral 32), 14, 17, 35, 45, section 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.

Sincerely

Mexico City, as of May 12, 2023 .- General Director of Specialized Authorizations, Lic. José Antonio Vizcaíno Ruiz .- Signature.- Technical Vice President, Lic. Ramiro Edgar Álvarez Hernández .- Signature.

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