The advancement of technology in financial services and products provided by institutions in Mexico is relevant and has allowed the inclusion of more Mexicans to grow rapidly in recent years, which is very positive.
As the president of the National Banking and Securities Commission (CNBV) Jesús de la Fuente said, “it is obvious that the digital age cannot be reversed” and they are working, he assures, to maintain a state-of-the-art regulatory and supervisory framework under international best practices that fosters this environment of innovation and creativity.
Although, as evidenced by the prevention of money laundering and terrorist financing, the institutional technological monitoring platform is already in use, which has saved time and has greater analytical capacity large volumes of information, this is a first step to expand its use in other service areas, as explained to the Acapulco bankers.
However, there are many doubts that this can be implemented more quickly and efficiently, given the austerity and change issues throughout the organization and at peers such as the Bank of Mexico (at the CNBV , they announced on Saturday, a non-working day, new appointments in various fields, which came as a surprise), which worries those in the sector.
Indeed, while there are sectors such as banks which, due to their membership of large financial groups, have already implemented international standards for the prevention of cyber risks, there are many more players who, although whether they have the desire and the interest, do not have the same resources or access, therefore the standardized regulatory framework for cyber risk management, which will be applicable to all entities and which has been in the works for almost two years at the CNBV, is something they continue to see from this far and which continues to benefit cybercriminals and incidentally, many companies or applications that operate without any restriction or supervision, “contaminating” to say the least, l ‘industry.
For now, regulated parties and market participants are hoping that appointments will soon be made in the organizations that are needed, that they will soon be ready so that in this year, when a revival of the economy is expected, the level playing field in terms of general cyber risk compliance, oversight of certain tech companies that operate “freely”, we’ll see if this year is now over.
The other side of the coin, which should not be missed, is that this week everything is ready to have more clarity on what Citi is going to sell from Banamex, since the analyzes carried out within the bank are very advanced; By the way, the chairman of Banco Mifel, Daniel Becker, was in Dubai, until he discovered that the chairman of the National Banking and Securities Commission (CNBV), Jesús de la Fuente, confirmed what we all knew unofficially, that it is looking to acquire Banamex and is looking for partners to realize the dream, moreover today it presents a new credit card for travelers with Lufthansa, synonymous with the fact that this segment of travel has already begun a full reactivation after two years of crisis due to the pandemic.
And one piece to follow are the resource injections that the start; It is now the turn of Tangelo, which specializes in alternative credit solutions for Latin America, which has obtained a new line of credit from HSBC for $150 million, we will see how this develops, because the competition is quite intense. For now, the currency is in the air.