Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the “Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced that its subsidiary Compropago S.A.P.I. de C.V. has successfully completed the regulatory process required under the Mexican fintech legal framework and has been authorized by the Comisión Nacional Bancaria y de Valores (“CNBV”) to operate as “Institución de Fondos de Pagos Electrónico”.
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Jose Antonio Fernández Garza, CEO of Digital@FEMSA, commented: “This is exciting news as it marks another relevant step in the consolidation of our value proposition, allowing us to become one of the most relevant means of payment in Mexico, and moving us forward in our effort to generate economic and social value in the communities where we operate. With this achievement, Spin by OXXO will contribute to increasing financial inclusion in Mexico, allowing more people to have access to financial products and services in an easy, secure and reliable way.”
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This represents an important milestone for FEMSA Digital and Spin by OXXO’s strategy, reflecting its solid and reliable business model and secure platform, while providing its more than 4 million registered users the backing of the robust Mexican fintech regulatory framework.
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