Finance Ministry issues measures to speed up credit with digitized records and document reuse

Mexico's Ministry of Finance and Public Credit (SHCP) has introduced new measures designed to accelerate and simplify the process of granting commercial credit. Published in the Official Gazette of the Federation via the National Banking and Securities Commission (CNBV), these regulations focus on the digitalization and simplification of credit file integration. The goal is to optimize evaluation and follow-up procedures, reduce regulatory and bureaucratic costs, and ultimately enhance the stability of the financial system for the public's benefit. Banks will have a three-month period to adapt their internal systems to meet these new requirements. Key changes include the ability to reuse updated customer documentation and the acceptance of advanced electronic signatures for the application and formalization of consumer and commercial loans. The SHCP also aims to facilitate non-face-to-face verifications through electronic means, ensuring information security and interoperability. These steps are expected to make credit issuance faster and more secure.