Global FinTech Guide
Country Name
FinTechs belonging to this category provide identification services, which are required for most banking services.


Attitude of the country towards identification services

From a financial regulation standpoint, identification services are mandatory, since all entities are required to engage an identification service provider to perform a digital onboarding and to verify information submitted by the user as part of the KYC procedures.

On the other hand, Mexico is a jurisdiction that highly regulates data protection. Data protection authorities are strict in enforcing misuse of personal data.

Legal affairs

Obligations and requirements to provide identification services

No license is required to provide identification services. However, financial entities will require an approval from the CNBV prior to engaging an identification service provider.

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area


Economic conditions

Market size for identification services and biggest companies in this business area

Market information for identification services is not publicly available. Notwithstanding the above, the clear market leader is Incode Technologies.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area

The current situation for businesses that offer identification services is quickly developing and future regulation could vastly impact the sector, as Mexican regulation tends to heavily protect end users of the financial institutions.



© 2022, Gonzalez Calvillo S.C.. All rights reserved by Gonzalez Calvillo S.C. as author and the owner of the copyright in this chapter. Gonzalez Calvillo S.C. has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.


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