They are those that are not located in the assumptions indicated to identify "regulated" Sofomes and must add to their corporate name the expression "Non-bank lending and finance institution” or its acronym "Sofom", followed by the words "non-regulated entity" or its abbreviation "E.N.R.". In addition, they are subject to inspection and oversight by the National Banking and Securities Commission (CNBV).

Legal Framework:

Unregulated Sofomes are subject to inspection and surveillance by the CNBV, exclusively to verify compliance with money laundering and terrorist financing provisions according to Article 95 Bis of the LGOAAC. 

Unregulated Sofomes are also registered with CONDUSEF and may have the same corporate purpose as regulated Sofomes, however, since they do not have equity links with entities supervised by the CNBV, or issue securities registered in the RNV, they are not required to be regulated.

SOFOM Services

• Credit cards
• Automobile loans
• Mortgage loans
• Personal loans
• Simple credit
• Current account credit
• Refinance loans
• Financial and pure leasing
• Financial factoring
• Trusts
• Point-of-sale terminals
• Electronic banking

Characteristics

• Non-regulated multiple-purpose financial companies must provide the National Commission for the Protection and Defense of Financial Services Users with the aggregate information it may require for statistical purposes.
• Furthermore, in addition to complying with other applicable obligations, they will be obliged to: 
• Under Article 95 Bis of General Law of Organizations and Activities Auxiliary to Credit, they shall be obliged, in addition to complying with the other obligations applicable to them, too: 
• Establish measures and procedures to prevent and detect acts, omissions, or operations that could favor, or provide aid, assistance, or cooperation of any kind for the commission of crimes. 
• Submit to the Ministry of Finance and Public Credit, through the National Banking and Securities Commission, reports on: 
• Any act, operation, or service that could contravene or violate the proper application of the provisions indicated, carried out, or in which any member of the board of directors, administrator, manager, officer, employee, factor, and attorney-in-fact is involved.
• To record in its accounting records each of the transactions or acts entered into with its customers or users, as well as transactions entered into with financial institutions.

FINTECH

The term fintech is a contraction of the English words finance and technology. In short, fintech’s are companies that use the latest technology to provide their customers with financial products or services, adding value to traditional services.

Types of Fintech

Financial technology organizations offer a wide variety of services to their users, the most important of which are the following:

Means of payment and transfers: these include payment platforms and the facility to make international transfers.

Infrastructure for financial services: They provide services such as customer evaluation, risk profiling, fraud prevention, big data analysis, cybersecurity, business intelligence, and electronic contracting, among others.

Digital loans: They offer loans to their users through electronic platforms.

Solutions for companies: These include the development of accounting software, invoicing, and financial management platforms.

Financial markets. They serve as intermediaries in the purchase and sale of securities and currencies through digital means.