Miranda’s Weekly Mex FinTech Monitor

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.  


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 

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. 


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.  


Other news  


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. 


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