- As a result of albo obtaining its Fintech license, its growth has accelerated in a way that Angel Sahagun Fernandez, CEO and founder of albo, points out, not even they anticipated.
- Being already accredited as a fintech institution has led to the arrival of new users who are much more confident in making use of their financial services.
- For albo, one of his priorities is that his users have healthy finances and he sees in blockchain and crypto the way to achieve this.
In the crypto ecosystem, a topic that is always discussed, whether in the media, talks among the community, or large-scale conferences such as Blockchain Land, is its regulation.
The question that sometimes arises is: why support regulation of a system that was born not to be regulated, that was born to break with the current financial system, that goes against centralization?
The truth is that while regulation can sometimes be prohibitive and limit the development of certain ecosystems, in other cases, regulation can help drive the adoption of new products by giving users a guarantee that these new products are legal, and safe.
An example of this is the Fintech Law in Mexico, recognized as an innovative law at the time, which was formalized so that companies that use innovative technologies and/or platforms, such as neo-banks or exchanges, were able to establish themselves in the country and develop in the territory. .
Regulation grants certainty and confidence for users
An example of how this law has helped a company grow and prosper is whiteThis fintech applied to have its certification in 2018, a process that was delayed due to the pandemic but finally, in May 2022, it obtained its authorization to operate in the country.
It is important to highlight that Since before 2022, albo was already operating legally in Mexico, but with the arrival of the Fintech law in Mexico in 2018, companies had to register with the National Stock Exchange Commission (CNBV) in order to operate under one of the figures established by law: as a collective funding institution, electronic payment funds or as a novel model.
While their request was being resolved, the CNBV indicated that these firms could continue carrying out their activities until their request was resolved. This was the case of albo.
“Although we have operated as regulated for many years, the fact that it is already tangible, there is a piece of paper, has helped us much mores” says Angel Sahagun Fernandez, CEO and founder of albo.
As companies, having the backing of the government helps people trust these new financial projects and venture to trust them with their money.
“As a result of the fact that they gave us the license, our growth has accelerated in a way that neither we anticipated because new users arrive much more confident that (albo) is already a regulated financial entity… The fact that we are regulated has helped us to attract more customers to attract more users has helped us grow the business, then” Angel emphasizes.
The CEO of albo, points out that like any law, the Fintech Law is not perfect since “like any law, when you run into reality you realize what is needed” however, he highlights that the Fintech law was a good first step, but there are still many more to go.
albo, a solution designed around the needs of the people
Although obtaining its accreditation has helped boost its growth, albo had already earned an important place within an unbanked community, going from having 500 thousand users in 2020 to 2 million in 2022 thanks to the fact that they are the ones that best understand customers. of the middle class in Mexico, says Sahagun.
“Our main differentiator is that we are the ones who best understand the middle-class client in Mexico and we clearly solve this need with a completely free debit product without commissions, very easy to use and that we have built a series of services on top of this debit account such as virtual payments, payment of services, through partners we are granting credits, we provide personalized financial reports that help a middle-class person to better manage their money and do more with it and have more freedom, which is what we are looking for”.
Crypto and blockchain, a way to have healthy finances
For albo, one of his priorities is that his users have healthy finances and he sees in blockchain and crypto the way to achieve this.
“What matters to us is how we make anyone in this country financially sound and financially free and that is why I am here (in Blockchain Land) because I believe that blockchain and crypto are taking us there.Sahagun points out.
But for this to happen, it is necessary to make blockchain and crypto solutions reach the vast majority of users in an organic way, in a way in which it is not necessary for the user to have to be an expert to be able to use it so that they finally form part of your day to day.
“It is our duty as technology builders to build solutions based on blockchain and crypto for this profile of people… What is truly transformative is how we build technology so that the client, without even using or understanding it, can benefit”.
For the founder of this fintech, the future of the financial system goes through blockchain, it goes through crypto, and it’s up to the people who already have the tools and knowledge, build it and make it reach the hands of the other majority that is alien to these new technologies.
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