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Mexico - December 2020

Fintech law key to expand financial inclusion further

Two years after the financial technologies law (also known as the ‘Fintech law’) came into force in September 2018, Mexico has become the second main country in Latin American in terms of the size of the fintech sector. Investments in its fintech companies in Mexico add up to almost US$1.3bn, which is equivalent to 16% of the US$8bn in investments existing in the industry across the region, according to strategy consultancy KoreFusion’s report on Latin America’s fintech sector. The Mexican press reported on 27 September that according to the ‘Fintech Thermometer’ carried out by Santander Bank, Finnovista, and Google, the annual value of fintech operations in the country is currently M$68.4bn (almost US$3bn dollars), with 4.7m users and a maturity of the ecosystem of 48%.

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