Official Letter Granting Authorization for the Organization and Operation of Sylon Capital, S.A.P.I. de C.V., Electronic Payment Fund Institution

DOF: 10/04/2023

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

A seal with the National Emblem appears on the margin, stating: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Vice Presidency of Regulation.- General Directorate of Special Authorizations.- Technical Vice Presidency.- Official Letter No. 311-95315/2023.

Subject:

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

Sylon Capital, S.A.P.I. de C.V.

Av. Paseo de la Reforma No. 2693,
Colonia Lomas de Bezares, C.P. 11910,
Miguel Hidalgo, Mexico City.

ATTN: C. Gonzalo Rivera Curbelo
Legal Representative

In terms of 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 healthy 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, it is the Commission's responsibility to authorize the constitution and operation of those entities specified by the laws, as well as to exercise 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 to Regulate Financial Technology Institutions establishes that persons intending to carry out the activities attributed to collective financing institutions or electronic payment fund 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 Inter-institutional Committee referred to in said article 35.

Considering the above, with a written submission presented on February 18, 2022, Sylon Capital, S.A.P.I. de C.V. (Sylon or the company) requested authorization from the Commission to organize and operate an electronic payment fund institution to be named Sylon Capital, S.A.P.I. de C.V., Electronic Payment Fund Institution, accompanying the request with 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 warned Sylon 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.

In relation to the above, Sylon submitted documentation and information in order to respond to the aforementioned warning. Additionally, this authority required Sylon to provide various complementary documents and information in order to have sufficient elements of judgment to resolve on the authorization request presented by Sylon; the company 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 granted.

Stated above, it is made known to you that the Inter-institutional Committee in session held on March 28, 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 in connection with the authorization request for the organization and operation of the electronic payment fund institution to be named Sylon Capital, S.A.P.I. de C.V., Electronic Payment Fund Institution, complies with the requirements provided for in article 22, in correlation with 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 received documentation and information, 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 Inter-institutional Committee, which is transcribed in the relevant part, the following was adopted:

AGREEMENT

"FIFTH.- The members of the Inter-institutional Committee, in accordance with articles 11 and 35, in relation to article 22 of the Law to Regulate Financial Technology Institutions, unanimously agreed that the authorization for the organization and operation of an electronic payment fund institution to be named Sylon Capital, S.A.P.I. de C.V., Electronic Payment Fund Institution, be granted. "

The aforementioned agreement is adopted without prejudice to the other authorizations that, in connection with 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 Sylon Capital, S.A.P.I. de C.V., Electronic Payment Fund 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 Inter-institutional Committee, authorizes the organization and operation of an electronic payment fund institution to be named Sylon Capital, S.A.P.I. 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 will be Sylon Capital, S.A.P.I. de C.V., Electronic Payment Fund Institution.

SECOND.

It will have its social domicile in the State of Mexico, Mexico.

THIRD.

Its duration will be indefinite.

FOURTH.

The amount of its initial social capital will be $6,562,385.00 (Six million five hundred sixty-two thousand three hundred eighty-five pesos 00/100 M.N.).

FIFTH.

Its corporate purpose will correspond to the realization of all activities in national currency contemplated in article 22 of the Law to Regulate 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.

Sylon Capital, S.A.P.I. de C.V., Electronic Payment Fund 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 the laws and provisions emanating from them.

EIGHTH.

The services consisting of the issuance, administration, redemption, and transmission of electronic payment funds that Sylon Capital, S.A.P.I. 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, will 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 provisions jointly issued by the National Banking and Securities Commission and the Bank of Mexico and the 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 financing of terrorism, which by their nature are applicable.

Sylon Capital, S.A.P.I. 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 to Regulate 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, fractions III and V of the Law of the National Banking and Securities Commission, as well as articles 1, 3, fractions IV and V, 4, fractions I, sections A and B and II, section A, numeral 5) and section B, numeral 32), 14, 17, 35 and 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, March 29, 2023. - General Director of Special Authorizations, Lic. José Antonio Vizcaíno Ruiz. - Rubric.- Technical Vice President, Lic. Ramiro Edgar Álvarez Hernández. - Rubric.

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