Last month we posted an item regarding a tug of war over the name “manchego” for cheese, during the negotiations to update the Free Trade Agreement (TLCUEM) between Mexico and the European Union (EU). This month the issue was resolved, with the EU agreeing to allow Mexico to continue using the name manchego for domestically produced cheese, as long as it is produced from cow’s milk, rather than the sheep’s milk from which Spanish manchego is traditionally made. Mexicans are now once again free to continue purchasing the mass produced domestic manchego for use in children’s school lunches or stoner munchies.
On March 9, 2018 the Mexican government published a new financial technology law, called the Law to Regulate Financial Technology Institutions (Ley para Regular las Instituciones de Tecnología Financiera, or Ley Fintech). The text of the law states up front that’s its goal is to “regulate the financial services provided by financial technology institutions, as well as their organization, operation and functioning and the financial services subject to any special regulation that are offered or carried out by innovative means.” Conventional banks in Mexico have long been regulated of course but the recent surge in new technologies and tech startups in the financial sector has been making both regulators and old-school bankers jumpy. This, then, is a first stab at setting up a basic regulatory environment for the new wave of mostly internet-based access and transaction platforms and products. Continue reading Mexico passes new fintech law as sector surges
Information collected from media reports over the last month:
- Ports: The Mexican subsidiary of U.S. port operator SSA Marine is investing approximately US$48 million to construct an automobile roll-on roll-off terminal at the Pacific port of Lázaro Cárdenas in the state of Michoacán. The first phase of the site will have projected capacity to handle 700,000 vehicles per year. (El Financiero, March 28, 2018)
- Chemicals: Mexican chemicals producer Cydsa reported plans to invest US$300 million this year in new business development. Key projects will include processing, storage and transportation of fuels, and a new plant to produce chlorine and caustic soda. (Reforma, March 23, 2018)
- Tanks: Mexican industrial tank manufacturer Trailers y Tanques de Aluminio (Tytal) plans investment of US$30 million in two plants in the northern state of Nuevo León, the company reported. Upgrades are slated to increase output capacity for tank retrofitting for tanker trucks. (Reforma, March 21, 2018)
- Industrial: Mexican corporate group Grupo Industrial Saltillo reported plans to invest approximately US$67 million this year across various industrial divisions in Mexico. Earmarked for upgrades are automotive foundry and machining operations and technology and environmental compliance in construction activities. (Reforma, March 21, 2018)
- Gas stations: Spanish energy giant Repsol reported plans to invest approximately US$428 million to open gas stations in Mexico over the next five years. The company is targeting a nationwide market share of 8 – 10% via the effort. (La Razón, March 13, 2018) Continue reading Recent and upcoming investment in Mexico