Marketplace lending loan servicer First Associates has announced the opening of a new operations center; the operations center is located in Baja California, Mexico with capacity for 1,000 seats; in comments regarding the announcement, First Associates CEO David Johnson said: "We couldn’t be more excited about our new Baja facility. We are able to deliver the same outstanding quality and service as our San Diego operations center, offer an economically advantageous option to our clients and provide significant opportunities in a developing business community that is an important part of the greater San Diego/Tijuana metro area." Source
Alipay has partnered with Openpay in Mexico to further their expansion into the Americas; users of Alipay will now be able to use the service to make purchases at businesses that are affiliated with Openpay; Souheil Badran, President of Alipay Americas stated, “An increasing number of Chinese consumers are shopping for products in Mexico that they can’t find at home, and they want to be able to purchase those items with the payment method they use most often. Our partnership with Openpay not only connects Mexican merchants with Chinese consumers seeking their products and services, but also opens new revenue channels for merchants in Mexico. We are thrilled to be partnering with Openpay as we continue to expand the reach of Alipay throughout the Americas.” Source
The bill is aimed at cracking down on illegal activity around cryptocurrencies and also reduce operational risk for fintech companies; the central bank will be responsible for the new regulations if they are signed into law; the proposed law also encourages open banking through APIs although other details are not known until the secondary laws are unveiled by regulators; Mexico is currently a fast growing market for fintech according to recent data from Deloitte. Source
Yave, a mortgage and credit fintech that aims to capture the Mexican mortgage market, won the day after an excellent presentation by co-founder and CEO Bernardo Silva. He said he wanted to break into the slow-moving trad marketplace for mortgages and help brokers put the mortgage right into the sales process.