Mexico - Country Commercial Guide
Financial Technologies (Fintech) Industry
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Mexico is one of the biggest consumer markets in the world with large banks and financial institutions but low credit penetration and financial inclusion. This represents opportunities for U.S. suppliers of fintech solutions in different segments.

Fintech is a booming industry in the Mexican market. Transactions made through mobile devices have experienced significant growth, both in value and volume. From peer-to-peer (P2P) lending to mobile payment solutions, fintech and banking technologies represent a best prospect sector in Mexico.


Since 2015, the Government of Mexico (GOM) has introduced reforms in the sector with a focus on a financial inclusion strategy, including the introduction of “banking agents” and the development of suitable payments and savings vehicles to transition from a cash-based economy to electronic/mobile payments. Fintech is a key pillar of these initiatives, paving the way for new opportunities for U.S. firms to enter the Mexican market.

With over 650 fintech start-ups, Mexico is one of the largest fintech markets in Latin America. According to recent industry studies, it is one of the most active countries backing financial technology ventures. Most Mexican fintech companies are focused on payments and remittances, personal financial management, crowdfunding, and lending. Due to the COVID-19 pandemic, the number of Mexican fintech startups increased more than 14 percent, especially in the digital banking and insurtech segments.

Due to the growing importance of the fintech industry in Mexico, the GOM published the fintech (PDF) law in March 2018. However, most of the substantive content is outlined in secondary regulations. According to the law, the Secretariat of Finance and Public Credit (Secretaría de Hacienda y Crédito Público or SHCP), the Mexican Banking and Securities Commission (CNBV), and the Central Bank (Banxico) are the main regulators of the fintech sector. The law oversees the following services:

  • Crowdfunding and peer-to-peer (P2P) lending
  • Electronic money services
  • Virtual assets (cryptocurrencies)
  • Application programming interfaces (APIs)
  • Open Banking

In addition, the law allows companies and financial entities to obtain a special temporary authorization to offer financial services using technological tools through a pilot testing program for innovative fintech models. Crowdfunding, electronic money, and payment institutions require an authorization issued by CNBV to provide their services in Mexico.

Leading Sub-Sectors

The number of FinTechs in Mexico by segment are as follows:


Number of Companies



Payment s and Remittances




Technologies for Financial Institutions


Financial Management


Financial Management 65InsurTech




Digital Banks




Wealth Management


Open Finance


Source: Fintech Radar Mexico 2023


The reforms and policies implemented by Banxico opened the market for new entities to participate in the Mexican payments industry and facilitated the entrance of new participants as clearing houses, specialized service providers, aggregators, acquirers, issuers, etc.

In January 2019, Banxico, SHCP, and the CNBV announced a new payments system through Quick Response (QR) codes. The system called “Cobro Digital” (CoDi) is part of the government’s efforts to increase financial inclusion and reduce the cash economy. CoDi’s users/customers must have a smartphone and a bank account. The sellers must have a static QR Code, a smartphone to download the CoDi app for face-to-face transactions, or a web page to generate the CoDi requests for online sales.

The COVID-19 pandemic accelerated the mobile/contactless payments trend that had already begun in Mexico. Embedded finance, or the possibility to offer financial services through different platforms, represents a good opportunity for fintech companies to partner with retailers and other industries.

Technologies used by Fintech companies are also a good opportunity for U.S. companies. The best prospects and most used technologies in the sector by market share are as follows:

Open finance and APIs


Big data and analytics


Cloud computing


Machine learning




Mobile wallets


Smart contracts




Source: Fintech Radar Mexico 2023

In Mexico, over 85 percent of the population has a mobile phone, and many cannot afford to own a computer. Therefore, many rely on their phones to conduct financial transactions. This provides opportunities for new and improved processes for sending and receiving payments.

Open Banking also offers good opportunities in the market as Mexican regulators established two sets of provisions in which financial institutions are required to share data through Application Programming Interfaces (APIs). These APIs allow fintechs to communicate with a bank server and have access to client information. In June 2020, the CNBV issued the General Provisions on APIs (PDF).

In March 2020, Banxico published the first rules for open banking, which are applicable only to credit information entities and clearing houses. The reforms and policies implemented by Banxico opened the market for new entities to participate in the payments industry, including clearing houses, specialized service providers, aggregators, acquirers, and issuers.

Insurtech is quickly expanding in the Mexican market and represents opportunities for U.S. companies, especially in the value chain segments. This includes front office, claim servicing and payout, policy acquisition and subscription, among others.

Banxico is in the process of developing Mexico’s Central Bank Digital Currency (CBCD), which is estimated to roll out by 2025 and increase financial inclusion and create a payment alternative to cash.


Mexican Secretariat of Finance and Public Credit (SHCP)

National Banking and Securities Commission (CNBV)


For more information on the fintech sector, please contact:


Sylvia Montano

Commercial Specialist

U.S. Commercial Service —Mexico City

Tel: +52 (55) 5080-2000 Ext. 5219