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Mexico: COFECE initiates a competition analysis into the digital financial services market

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In brief

On 22 June 2022, the Commissioners of the Federal Economic Competition Commission (COFECE) approved conducting a research study on competition in the digital financial services market1 (“Market Study“). The Market Study’s purpose is to analyze the structure, operation and regulatory framework of the digital financial services sector in Mexico.

The digital financial services considered in the study include electronic payment and crowdfunding services, those offered by Financial Technology Institutions (FTIs), also known as Fintech, which are regulated by the Law to Regulate Financial Technology Institutions.

According to COFECE, the Market Study is important because the financial services sector contributes a significant percentage of the country’s Gross Domestic Product (GDP), and digital financial services can also influence the financial options available to users and facilitates credit access to small and medium-sized companies.

Key takeaways

The Market Study in the digital financial services markets is aligned with COFECE’s 2022-2025 Strategic Plan2, which establishes that both financial services and digital markets are priority sectors for the Commission.

In 2021, according to the National Institute of Statistics and Geography (INEGI), the financial sector generated 3.8% of the country’s GDP, and 67.8% of the population was a user of some type of financial service. In 2018, INEGI also conducted the National Survey of Business Financing, together with the National Banking and Securities Commission, where it was highlighted that banks granted loans to 75.4% percent of companies.

The Organization for Economic Cooperation and Development confirms in the Economic Surveys: Mexico 2022 that digital financial services can strengthen competition in the banking sector, reduce interest rate margins, and promote credit to small and medium-sized companies.

The Commission has requested public input, and individuals, institutions and economic agents interested in making comments or submitting information they consider relevant for market analysis, from a competition perspective, may do so. Recommendations will be presented to the regulatory authorities to improve the competitiveness of the digital financial services market.

In accordance with the internal resolution to initiate the Market Study, it does not constitute a prejudgment or infer any violations of the Mexican Competition Law. 

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Author

Raymundo Enriquez is currently the managing partner of the Mexico offices and the lead partner of Baker McKenzie's Antitrust Practice Group in Mexico City. He was a member of the Firm’s Executive Committee and a previous chairman of the Latin America Regional Council where he also served as the Latin America chair of the Global Diversity and Regional Pro Bono Committees. Mr. Enriquez is recognized as a leading lawyer for competition / antitrust and for business by Chambers Latin America. He served as a board member for several Mexico companies. In addition, he was a visiting lecturer at the Mexican Bar Association and a part-time tax and foreign trade law professor at Universidad Iberoamericana, where he obtained his JD from the university’s School of Law.

Author

Luis Amado is a partner in the Antitrust & Competition Practice Group of the Firm's Mexico City office. He has more than 10 years of experience in his field and has conducted several antitrust and competition seminars for the telecommunications, automotive, electronics, medical, mining, metal, home appliance and white goods industries. Luis was part of the Firm’s EU Competition & Trade Practice Group in London, where he advised on antitrust matters. He was appointed Latin America's representative in the Firm committee responsible for abuse of dominance matters. He has also been a guest professor at Universidad Iberoamericana and IPADE, giving lectures on antitrust and competition.

Author

Alina de la Luz is an associate in the Firm's Antitrust Practice Group in Mexico. Prior to joining the Antitrust Practice Group at the Firm, she was part of the Mexican competition authority (Federal Economic Competition Commission), as part of the investigating authority. With more than 8 years of experience in economic competition, mainly in abuse of dominance and analysis of competition conditions, she has conducted investigations in several markets: financial, energy, ports, digital, telecommunications, and transportation, among others. Likewise, she was head of the economic competition subject at UNAM and has taught about competition in several forums.

Author

Natalie Flores is the regional knowledge attorney for the Americas in Baker McKenzie’s Global Antitrust & Competition Group, based in the Firm’s Mexico City office. With over fourteen years of legal experience, she leads strategic knowledge initiatives across the Americas, including legal content development, client training, and thought leadership. Her work supports the Firm’s global competition practice and enhances client engagement through tailored insights and resources.
Natalie began her career as a litigator, focusing on consumer protection and unfair competition, including class actions under Section 5 of the FTC Act. She continues to advise clients on multijurisdictional competition matters and regulatory processes, drawing on her deep understanding of enforcement trends and cross-border dynamics.
She is actively involved in the Firm’s industry groups, particularly Energy & Infrastructure, and serves on the board of Mujeres en Energías Renovables en México (MERM), where she advocates for clean energy and gender equity in the renewable energy sector.

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