Miranda’s Weekly Mex FinTech Monitor
January 2, 2024
Mexico FinTech News
Briq.mx, a real estate crowdfunding platform, gets final approval to operate under FinTech Law.
After a four-year process, Briq.mx, a real estate crowdfunding platform, receives final approval to operate as a Crowdfunding Institution (IFC) under Mexico’s FinTech Law. The authorization was published on December 26, marking the end of Briq.mx’s provisional status. It joins 22 other crowdfunding platforms authorized to operate under the FinTech Law, focusing on real estate projects. Alberto Padilla, Briq.mx’s co-founder, highlights the platform’s features, including a strict project selection process and tools for monitoring investments. The platform has completed 500 crowdfunding campaigns, raising 1.397 billion pesos from 17,000 investors, with a focus on residential, mixed-use, commercial, and industrial properties.
Latam Fintech Hub, 12/26/2023, Fernando Gutiérrez: Briq.mx, dedicada al fondeo colectivo inmobiliario, recibe autorización definitiva para operar bajo la Ley Fintech
Briq and Enso join regulated FinTechs.
The National Banking and Securities Commission (CNBV) has authorized Briq as a Crowdfunding Institution and Enso as an Electronic Payment Fund Institution under Mexico’s FinTech Law. Both entities, previously operating under the law’s transitional provision, became the seventh crowdfunding entity and a digital wallet service, respectively, to receive authorization this year. With these approvals, the total number of regulated FinTech entities reaches 74, with 51 as IFPE and 23 as crowdfunding institutions. Notably, both approvals took 1,553 days from application to publication, marking a prolonged authorization process.
El Economista, 12/26/2023, Sebastián Estrada: Briq y Enso se unen a las fintechs reguladas
Other news
Axis Negocios, 12/26/2023, Fernanda Celis: Tras la prosperidad y la adversidad, todo en poco tiempo, ¿qué le depara a las fintech?
El Economista, 12/25/2023, Sebastián Estrada: El fraude en pagos en línea aumenta 15% durante la temporada navideña
LatAm FinTech News
Stone Secures US$467.5M funding for Brazilian SME Financial Empowerment
Brazilian FinTech leader Stone secures US$467.5 million funding from the U.S. Development Finance Corporation to enhance receivables services for micro, small, and medium-sized enterprises (MSMEs) in Brazil. The funding focuses on businesses led by women, particularly in the North and Northeast regions, aligning with Stone’s commitment to socio-economic development. CEO Pedro Zinner highlights the impact on product offerings and services to support entrepreneurs in scaling their businesses. Stone’s customer behavior, with many prepaying credit card receivables, demonstrates the efficiency and necessity of such transactions, especially for small retailers. This financial commitment reflects Stone’s dedication to reinforcing Brazil’s entrepreneurial ecosystem for inclusive and thriving economic growth.
Contxto, 12/29/2023, Staff: Stone Secures $467.5M for Brazilian SME Financial Empowerment
Mercado Pago FinTech launches a product for daily returns through its digital account in Chile.
Mercado Pago introduces a new product in Chile, allowing users to earn daily returns on their digital account balances with an 8% annual rate. This innovation provides liquidity and flexibility, allowing users to grow their money without minimum amounts and use the app as usual. The feature is available for all legal adults in Chile and stands out for its daily returns on the available balance, unlike traditional investment options. Powered by a mutual fund created by BICE Asset Management, the product requires a minimum investment of $1 peso (US$ 0.00115) and offers immediate access to invested funds. The collaboration with BICE and Poincenot Tech Studio reflects Mercado Pago’s commitment to providing accessible financial solutions through technology.
Latam Fintech Hub, 12/26/2023, Staff: Fintech Mercado Pago lanza producto que permitirá generar rentabilidad diaria a través de su cuenta digital en Chile
Other news
Latam Fintech Hub, 12/29/2023, Staff: WealthTech chilena Betterplan cierra alianza con Bci corredor de bolsa para la gestión de inversiones
Latam Fintech Hub, 12/26/2023, Staff: Brazilian fintech OnlyPay received private capital investment to hire talent and develop technology for new product offerings
Global FinTech News
Intermex and Visa join forces to improve money transfers globally
Intermex, known for its global money transfer services, is partnering with Visa to enhance customer experience. The collaboration focuses on enabling efficient transfers to Visa cardholders and bank accounts in over 20 new countries, targeting regions in Asia, Africa, Europe, and the Caribbean. Intermex, with various channels like agent retailers and mobile apps, integrates Visa Direct to leverage Visa’s extensive network, facilitating fund delivery globally. Marcelo Theodoro, Chief Product & Digital Officer at Intermex, highlights the partnership’s importance in expanding digital offerings and providing more choices for migrant workers sending funds abroad.
FinTech Global, 12/27/2023, Staff: Intermex and Visa join forces to revolutionise money transfers globally
Eastern Bank innovates with new biometric metal card
Eastern Bank supports ‘Smart Bangladesh’ with a focus on digital economic growth. They introduce a biometric metal card exclusively for premium customers, emphasizing security and seamless payments. The card targets tech-savvy users, aiming to boost usage among existing premium clientele. CEO Ali Reza Iftekhar expresses excitement, highlighting compliance and innovation leadership. The partnership with IDEX Biometrics aims to set a new payment standard for secure contactless payments, empowering financial inclusivity in Bangladesh.
FinTech Global, 12/27/2023, Staff: Eastern Bank innovates with new biometric metal card
Other news
Contxto, 12/29/2023, Staff: Banco de España Fines Pecunpay for Regulatory Non-Compliance
Contxto, 12/31/2023, Staff: OpenAI Hits $1.6 Billion Revenue Amidst Leadership Turmoil