Official Letter Granting Authorization for the Organization and Operation of Finco Pay, S.A. de C.V., an Electronic Payment Fund Institution

DOF: 16/06/2025

OFFICIAL LETTER granting authorization for the organization and operation of an Electronic Payment Fund Institution to be named Finco Pay, S.A. de C.V., Electronic Payment Fund Institution.

At the margin, a seal with the National Emblem, 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. 311-13972/2025.

SUBJECT: AUTHORIZATION FOR THE ORGANIZATION AND OPERATION OF AN ELECTRONIC PAYMENT FUND INSTITUTION TO BE NAMED FINCO PAY, S.A. DE C.V., ELECTRONIC PAYMENT FUND INSTITUTION.

FINCO PAY, S.A. DE C.V.

AV. MÉXICO NO. 45, FLOOR 18,
COL. HIPÓDROMO CONDESA, C.P. 06100,
CUAUHTÉMOC, MEXICO CITY.

TO:

MR. EMILIO DE LAS FUENTES LOBO

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 sound 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, 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 fund 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 to agreement by the Interinstitutional Committee.

Considering the above, with a written submission presented on November 28, 2023, Mr. Emilio de las Fuentes Lobo, on behalf of the company named Finco Pay, S.A. de C.V. (Finco Pay or the Company), requested authorization from the Commission to organize and operate as an Electronic Payment Fund Institution to be named Finco Pay, S.A. de C.V., Electronic Payment Fund Institution, attaching thereto 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 Finco Pay within the term established in said law to address various observations regarding its application for authorization to organize and operate as an Electronic Payment Fund Institution, whereupon Finco Pay 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 application presented, due to which Finco Pay, 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, it is brought to your knowledge that the Interinstitutional Committee, in a session held on June 3, 2025, 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 application for authorization for the organization and operation of the Electronic Payment Fund Institution to be named Finco Pay, S.A. de C.V., Electronic Payment Fund Institution, complies with the requirements provided 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 a legal, financial, and operational standpoint, the requested authorization is appropriate, therefore, in accordance with the certification of the Substitute 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, unanimously agreed to grant the authorization for the organization and operation of an electronic payment fund institution to be named Finco Pay, S.A. de C.V., Electronic Payment Fund Institution..."

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 applicable provisions, as well as the exercise of powers attributed to the Commission itself during the organization process of Finco Pay, S.A. de C.V., Electronic Payment Fund Institution, in which the applicable requirements for the commencement of operations must be fulfilled.

For the above reason, this National Banking and Securities Commission, prior to the agreement of the Interinstitutional Committee, authorizes the organization and operation of an Electronic Payment Fund Institution to be named Finco Pay, S.A. de C.V., Electronic Payment Fund Institution.

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

BASES

FIRST.

The name of the company shall be Finco Pay, S.A. de C.V., Electronic Payment Fund Institution.

SECOND.

It shall have its corporate domicile in Mexico City.

THIRD.

Its duration shall be indefinite.

FOURTH.

The amount of its initial social capital shall be $24,100,000.00 (twenty-four million one hundred thousand 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.

Finco Pay, S.A. de C.V., Electronic Payment Fund 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 Finco Pay, S.A. de C.V., Electronic Payment Fund 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 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.

Finco Pay, S.A. de C.V., Electronic Payment Fund 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 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, 45, fraction I and 64, first and third paragraphs 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, June 9, 2025.- 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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