In 2018, Mexico passed a FinTech law that regulates certain activities and business models that were previously in a grey area. It also aims to improve payment security for customers, allows virtual asset transactions, and gives more freedom to crowdfunding and electronic money institutions (EMIs).

Overall, this law opens the market to competition and aims to create a space where banks and fintechs can coexist and collaborate.

Internet penetration

More than 75% of the Mexican population uses mobile devices, and about 80 million people have access to the Internet (and this number is constantly growing). At the same time, 40 million people in the country are still unbanked.

This is a great foundation for the development of the fintech ecosystem. Despite the existing opportunities (access to the Internet and mobile devices), many people do not have bank accounts and mainly pay in cash. Businesses can offer solutions that meet the needs of this group of the population.