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
Guadalajara’s thriving software industry has become a nearshoring hub for a growing number of Silicon Valley companies in recent years. The cross-pollination of eager local nerds with speakers at events such as Startup Weekend and Hackers/Founders meetups has put stars in the eyes of young would-be entrepreneurs, who dream of becoming the next Mark Zuckerberg, or at least Or Arbel. But fortunes in Mexico traditionally have been built on personal relationships between wealthy families and powerful political allies, not the creativity of geeks. As a result, when it comes time to launch the next big thing out of a code shop in Zapopan, there’s still a lot of head-scratching going on about the details of how it all is supposed to happen.
This week we re-post by permission a presentation by tech founder Andy Kieffer, who is playing a key role in the emergence of the Guadalajara app-development and venture capital scene. Kieffer is co-founder and CEO of Guadalajara-based software developer Agave Lab and serves as General Partner of Agave Lab Ventures, a fund for early stage investment in startups. Here he provides some thoughts on the challenges to harnessing the nascent tech-startup enthusiasm in Mexico in a way that will help build a profitable and sustainable model for innovation and entrepreneurship in the country: Continue reading Venture investing in tech startups in Mexico