Porfirio Sanchez Galindo Explains Success Of Mexico’s Fintech Law
Porfirio Sanchez Galindo is an entrepreneur in Mexico’s fintech sector. A graduate of Stanford University, he worked for Mexico’s Treasury from 2000 to 2006. Porfirio Sanchez Galindo then worked for Televisa for several years, including having a seat on its finance board.
He recently reflects on the success of Mexico’s fintech. The law, which was passed in 2018, is credited with making Mexico one of the leaders of fintech in Latin America. Until the law passed, many people in Mexico didn’t have access to any financial products or services. Now anyone with a smartphone can transfer money, invest and otherwise manage their money digitally, Porfirio Sanchez Galindo said.
— Porfirio Sanchez Galindo (@PSanchezGalindo) May 18, 2020
Porfirio Sanchez Galindo said many fintech startups are disrupting Mexico’ traditional banking system. For example, they don’t charge commissions like banks do. Everyone in Mexico can now access financial products and services that were only accessible to the wealthy.
He said there are still many opportunities in the fintech sector. Porfirio Sanchez Galindo said only 32% of Mexicans have a bank account. Less than 25% have a credit card. With Mexico’s government focused on consumer safety and helping fintech grow, financial inclusion is rapidly becoming available to everyone.