IFPE (Electronic Payment Fund Institution) Mexico

An IFPE license permits a company to:

• MTDO (Money Transmitter with Digital Operations): Allows sending of resources (Fiat, BTC, Alt coins and Stable coins) with non-face-to-face digital operations without limits.
• Custody of fiat, Stablecoins, BTC via a wallet.
• Card issuance
• Card payment processing

Registration application process to operate as an IFPE:

1. Fintech Model
2. Preparation of the legal infrastructure
3. Iteration of the documentation
4. Submission of the application for authorization
5. Venting, preparation and iteration of observations (up to 2 rounds)
6. Request for additional authorizations.
7. Training in how to lobby for your project

FinTech Modeling

We will guide you on the services that your FinTech can offer

We will make recommendations for optimizing the platform in terms of the FinTech Law and its general revisions.

Revision and Preparation of the infrastructure:

In preparing the documentary/legal infrastructure, we will provide you with accelerators that we will work with under the ‘Agile’ methodology

*Accelerators are versions of the document that contain the minimum viable infrastructure. In parallel, we will train you to build the rest of the document with weekly sprints, as well as review it until you have the final version.

Project presentation:

Remember that the FinTech Law establishes that the permit to operate in FinTech will be issued as long as, in the judgment of the Financial Regulator, the FinTech complies with the legal requirements.

Before the purely subjective criteria, it is important to lobby for your Project. Don't worry, we will train you so that you are ready.

Revision:

We know you feel overwhelmed by so many requirements, but don't worry, we are here to help you. That's why our staff:

will train you in weekly sprints; and,

will require technical or operational information necessary to iterate the documentation.

Observations:

During the process related to the authorization request, the financial regulator represented by members of the National Banking and Securities Commission, the Ministry of Finance and Public Credit, and the Bank of Mexico, will make observations on the documentation submitted.

As part of the services we will be venting the observations that are generated from this process, up to two

rounds.

Authorization to start operations:

Once the authorization to establish an Electronic Payment Fund Institution is received, the National Banking and Securities Commission will conduct inspection visits to verify compliance with the necessary requirements to begin operations.

As part of our services, we will take care of accompanying you in the process and fulfilling the necessary requirements.

What additional permits will be needed to apply for once authorized?

1. Transfers in FIAT
2. Receive or send cash
3. Send or receive transfers abroad
4. Foreign exchange operations
5. Usage of biometrics data
6. Hiring third parties with access to sensitive information
7. Hiring of commission agents
8. Direct participation in the SPEI

*These permits must be requested from the Bank of Mexico and the National Banking and Securities Commission.

*The process must be started when you have more than 3 thousand accounts; if you are an indirect participant, when you reach 500 thousand accounts with a positive balance or charges, when you send or receive 3 million transfers; or when you send or receive 4.5 billion UDIS (approximately 36.5 million pesos).

Other Requirements:

1. Compliance Officer, certified by the National Banking and Securities Commission
2. At least 20% of the Board of Directors must be independent.
3. Coverage of official rights

Third Party Requirements:

1. Developers who can modify your platform for legal compliance.
2. Prestigious legal firm and auditor in the shareholders' country of origin, in order to perform a legal and financial audit of the majority shareholders.
3. Personal data protection officer and risk management officer.
4. General director
5. Chief Information Security Officer (may be the Director General for up to 12 months, starting from the date of obtaining authorization).
6. Auditor who validates your financial information and technological infrastructure (pentest).