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Dapi (YC W20) Launches Payment API in Mexico, First in Region to Offer Free Financial Data
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On January 28, 2021, the Mexican Central Bank and the National Banking and Securities Commission ( CNBV ), published in the Federal Official Gazette the General regulations applicable to e-money Institutions pursuant to Articles 48, second paragraph, 54, first paragraph and 56, first and second paragraphs of the Law Regulating the Financial Technology Institutions ( IFPE Provisions ).
Background
The Law Regulating Financial Technology Institutions (
Fintech Law ) was published in the Federal Official Gazette on March 9, 2018, and established the regulatory framework for the execution of financial transactions and investment services through IT platforms and tools, regulating, among other entities, Crowdfunding and e-money Institutions (the latter,
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Fintech, the contraction of the words financial and technology, refers to the innovation that is disrupting traditional financial methods in the delivery of financial services. In Ghana, the payment space is composed primarily of companies that provide financial services to customers and merchants, which are not limited to sending and receiving money alone.
On a larger scale, Africa is uniquely served by a variety of fintech solutions that are not present anywhere else in the world. The introduction of mobile money in Ghana by MTN in 2009 served as an opportunity to introduce simple fintech services to both the banked and unbanked. However, these services and technologies are still in their infancy, a clear indication that there is tremendous room for growth in coming years with the central goal of supporting customers’ daily needs.
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Lured by the prospect of exploring attractive markets, Latin American insurtech companies are leveraging new digital tools to optimize and modernize many aspects of insurance. These include new distribution channels and systems to facilitate insurance product comparison-shopping and new means of underwriting and claims management.
In years past, the absence of a regulatory framework specific to insurtech may have impeded its expansion, as insurtech companies represent only about 6% of all startup fintech companies in Latin America. Increasingly, however, insurance regulators in the region are recognizing and exploring ways to realize insurtech’s enormous potential. To facilitate insurance sector modernization, regulators are exploring, among other things, adoption of fintech regulatory “sandboxes” to enable new digital technologies while preserving consumer protection.
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