CNBV calls for FinTechs to address risks 

The National Banking and Securities Commission (CNBV) has urged financial institutions operating through digital platforms to evaluate the risks associated with digital operations proactively. The CNBV, which currently oversees 5,211 financial entities, advocates responsible growth and financial advancement within an internal control framework. The Vice President of Supervision for Development Banking and Popular Finance at CNBV, highlighted emerging risks in the financial sector, including cybersecurity, fraud, and regulatory compliance. The warnings come as the powerful banking association (ABM) is pressuring authorities to require SOFIPOs to hold more capital and meet tougher regulatory rules, and thereby level the playing field (or just raise the costs) for FinTech rivals such as Nu and Stori. 

El Economista, 10/04/2023, Sebastián Estrada: CNBV hace llamado a fintech para atender riesgos 

 Lemon enables cryptocurrency purchases with Mexican peso 

Lemon, a Mexican fintech company, announced that it will allow Mexican users to acquire cryptocurrencies with the Mexican peso. This move comes as Lemon tries to increase its footprint in the country and grow its customer base. To facilitate cryptocurrency transactions, Lemon has seamlessly integrated Onramper, a fiat-crypto ramp aggregator, into its platform. Lemon’s initiative seeks to bridge the divide between traditional finance and cryptocurrencies, offering greater accessibility to digital assets for Mexican users and contributing to the expanding FinTech sector in the country. 

Marketing 4 Ecommerce, 10/02/2023, Juan Rodríguez: La fintech Lemon permitirá a los usuarios en México comprar cripto con peso mexicano 

 Other news  

Diario Financiero, 10/02/2023, Renato Olmos: Grupo Imagine lanza fondos temáticos para acelerar e invertir en startups en etapa pre-semilla 

Heraldo Binario, 10/03/2023, Staff: ¿Qué piensa el ChatGPT de las Fintech en México? 

 LatAm FinTech News 

 Mexican Unicorn Incode opens office in Brazil  

Incode, a Mexican FinTech specializing in AI-driven identity verification and authentication, has officially opened an office in Brazil. Founded in 2015, the company is actively investing in expanding its operations and client base in Brazil, building upon its current client base which includes Nubank and Rappi.  

Tekios, 10/05/2023, Staff: Unicornio mexicano Incode abre oficina en Brasil para doblar su participación de mercado 

 El Salvador opens its first bitcoin mining farm 

El Salvador officially launched Lava Pool, its first local Bitcoin mining farm, under the management of Volcano Energy in partnership with Luxor Technology. The primary goal of the country’s $1 billion renewable energy project is to generate electricity from renewable sources within El Salvador to power upcoming Bitcoin mining operations nationwide. Gerson Martínez, Chief Strategy Officer at Volcano Energy, emphasized El Salvador’s unwavering commitment to being the first nation-state to embrace Bitcoin. 

Tekios, 10/05/2023, Cointelegraph: Lava Pool es inaugurado: El Salvador abre su primera granja de minería de bitcoin 

 Latitud Ventures closes first round of its second pre-seed venture capital fund 

Latitud Ventures, a venture capital firm specializing in early-stage investments in Latin American startups, has successfully secured $100 million in commitments from regional and global investors, including notable names like a16z, Kavak, Nubank, Brex, iFood, Creditas, Rappi, and Mercado Libre. Latitud Ventures plans to invest in 40 pre-seed stage startups over the next three years, with individual investments amounting to $250,000 per startup. 

Tekios, 10/04/2023, Staff: Latitud Ventures cierra el primer tramo de su segundo fondo de capital riesgo pre-semilla 

 Other news  

Cointelegraph, 10/03/2023, Daniel Jimenez: Let’sBit lanza plataforma fintech empresarial en Argentina 

Yahoo Finance, 10/04/2023, Valora Analitik: Lulo crea aplicación que permite inversiones en dólares digitales en Colombia 

Global FinTech News  

 Revolut and SoftBank reach share agreement in pursuit of banking license 

Revolut has overcome a significant obstacle in its journey to secure a UK banking license by striking a deal with its primary backer, SoftBank, concerning alterations in share ownership. The Bank of England’s Prudential Regulation Authority (PRA) mandated that Revolut consolidate its six classes of shares into one and simplify its ownership structure as prerequisites for the license. Although other investors accepted the consolidation, SoftBank initially resisted but eventually agreed with the caveat that there will be no new share issuance or financial impact on Revolut. 

Finextra, 10/04/2023, Staff: Revolut and Softbank agree share deal in battle for banking licence 

 Tribal Credit expands to Saudi Arabia 

Tribal Credit, a Silicon Valley FinTech firm dedicated to empowering SMEs in emerging markets with a significant presence in Latin America, has announced its expansion to Saudi Arabia. The company, which is supported by investors like SoftBank and Coinbase Ventures, provides innovative financial solutions to companies at various stages of development. In a statement, the Tribal said that it is committed to enhancing Saudi Arabia’s FinTech position by offering comprehensive financial solutions in compliance with regulations and addressing the substantial financing gap emerging market SMEs face. 

Arab News, 10/02/2023, Staff: Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom 

 Other news 

Fintech Global, 10/06/2023, Staff: ABN AMRO & Motive Partners unite: A landmark in FinTech collaboration 

Fintech Global, 10/06/2023, Staff: Mitiga scores investment from Cisco Investments for its IR2 platform