Mexico-based financial services provider Pago Confiado, a branch of the Fiado conglomerate, has been authorised as an Electronic Payment Funds Institution in the region. As per the information detailed in the press release, Pago Confiado joined a group of 76 companies already authorised under the terms and conditions of the Law to Regulate Financial Technology Institutions.

The authorisation was granted for the organisation and  operation of an Electronic Payment Funds Institution for Pago Confiado after the unanimous agreement of the members of the Interinstitutional Committee following Articles 11 and 35 of the Law to Regulate Financial Technology Institutions. Currently, the fintech provides financial services to Mexican migrants in the US and their families which remained in their home region. Fiado developed a unified ecosystem integrated with a financial platform and acquiring network delivered via its clients’ mobile phones. Additionally, the company is committed to financial inclusion and intends to mitigate Spanish-speaking individuals' difficulties in accessing financial services in their new country.

Fiado’s app is set to provide a mobile financial ecosystem for Latino families to access banking services in the US, no matter their immigration status. Fintech regulation in Mexico Mexico was one of the first countries in Latin America to provide a fintech regulation act, with the region working on reforms for the financial inclusion strategy since 2015. The initiative’s goal was to transition from traditional payment methods to electronic and mobile ones, with the Government of Mexico even taking additional steps in 2018 by introducing the Law to Regulate Financial Technology Institutions.

The regulation focuses on advancing innovation and implementing additional technology with existing banking and financial services. At that time, the law received positive feedback from investors and fintech companies with pre-established business models. .