chapter 02 THE FINTECH LAW From the point of view of innovation, Latin America responds to this great wave of change with hundreds of entrepreneurs developing new business models, some of local creations and others are replicas of developments that happen in other regions. The emergence of accelerators or hubs of entrepreneurs, angel investors and entre- Enactment of this Law is great news, mainly preneurial capital funds, as well as the ease of accessing technologies digital, have because we already have a legal been elements of this new entrepreneurial wave in Mexico. framework for FinTechs to operate with In reality, several entrepreneurs emerged with ideas that provides proposals of value legal certainty, but above all, FinTechs may for financial services. Some of them are companies proposing to directly operate with the population (B2C), others are service initiatives that can be used by estab- commence to interact with the banking lished companies (B2B). Some more propose hybrid models, but all of them have a and financial system. Such interaction common characteristic: to innovate the traditional operating ways of “old financial intermediaries.” was not taking place at the required degree, due to the lack of legal certainty. Innovation proposes enhancements based on customers and their needs, whilst at the same time exploring solutions in the value chain of financial products in order to test whether those offers are adopted by the customer or not. Álvaro Rodríguez Arregui Founder and Managing Partner of IGNIA On March 9, 2018, Mexico took a determined step towards the future. After hard work among the Executive Branch, through the Secretaría de Hacienda y Crédito Público [Department of Treasury and Public Credit] (SHCP) and the Comisión Nacional Ban- caria y de Valores [National Banking and Securities Commission] (CNBV), the Federal A TWO-WAY PATH 23