On June 7, 2021, the Ministry of Finance and Public Credit, through the National Banking and Securities Commission (CNBV), published in the Official Federal Gazette the authorization for the organization and operation of Coltomoney, S.A. de C.V., an Electronic Payment Fund Institution under the Law to Regulate Financial Technology Institutions (Fintech Law). Coltomoney, according to information published by the company, manages the most complete e-wallet in the financial inclusion market for end customers, businesses and corporations.
Coltomoney, which requested before the CNBV the authorization to organize and operate as an Electronic Payment Funds Institution on September 17, 2019, and which has its domicile in Mexico City, was authorized with a capital stock amounting to $19,626,000.00 M.N., represented by 19,626,000 class “I” and “II” common shares, with a par value of $1.00 M.N. each, of which 19,625,000 are representative of the fixed capital stock without withdrawal rights and 1,000 are representative of the variable capital stock.
It is important to note that the authorization granted by the CNBV in favor of Coltomoney is non-transferable. In order for such authorization to be effective, Coltomoney must comply with several requirements contained in the exhibit of the official writ P013/2021 dated January 29, 2021, for which the CNBV has granted a term of 90 calendar days.
Finally, Coltomoney must send to the CNBV within the term mentioned in the preceding paragraph the information corresponding to the regulatory reports referred to in Article 100 of the “General Provisions Applicable to Financial Technology Institutions”, including financial statements, information from commission agents, bank loans and other agencies, among others.