Nader, Hayaux & Goebel steers Galileo’s entry into Mexico

Mexican law firm Nader, Hayaux & Goebel has advised Galileo Financial Technologies on its entry into the Mexican market, as part of the fintech company’s strategy to expand in Latin America.

Galileo’s experience, expertise and technology, including its API-centric payments platform, will support Mexico’s newly enabled fintechs in this growing market to make rapid advances in delivering modern payments services, according to a company statement.

“As of May 2019, Mexico was the leading Latin American country in number of fintech startups, with 394 new companies working on financial technology solutions,” according to Tory Jackson, Galileo’s in-country manager for Mexico, who has relocated from the company’s headquarters in Salt Lake City to lead the new office.

“The Mexican market presents incredible opportunities that our fintech solutions can answer. Our new office is the base to facilitate the success of our local and international partners that are addressing Mexico’s expanding payments needs,” he said.

Mexico’s fintech consumer adoption rate, which represents the share of digitally active people who have used two or more fintech services in the past six months, was 72 per cent, according to EY’s Global Fintech Adoption Index 2019, and which indicates a growing appetite for digital payments solutions in Latin America’s second largest economy as measured by total GDP.

“In their drive to foster financial inclusion and competition, Mexican Financial Authorities welcome fintechs aiming to take advantage of the new regulatory framework to introduce technology with the potential of bringing millions of unbanked consumers into the financial ecosystem,” said Adrián López (pictured), partner of Nader, Hayaux & Goebel.

“Within this legal environment, Galileo is well-positioned to provide Mexican consumers with access to more payments products and programs than ever before,” López said.