Users of this bank will NO longer be able to access their account as of August 1 

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Although it is not common, there is the possibility that a bank account is blocked by the financial institution 

Financial technology or Fintech companies are entities dedicated to providing the full range of financial services that traditional banking usually offers, only with the differentiator that technology is used to make these services more efficient and accessible products, so if you have an account with a company of this type, this interests you. 

In the last decade, and particularly in the last 5 years, the development of technologies such as Blockchain, the Internet of Things (IoT), the 5G network, artificial intelligence, among others, have facilitated and changed the way of carrying out many processes that used to take a long time in traditional banking. 

From opening a savings account, to receiving payments for a product or service or even investing in the world’s stock markets. These are some of the financial services that fintechs have managed to democratize so that they are within the reach of a click for everyone with an internet connection. 

Fintech companies have developed products, both for providers of financial services and for those requesting them, around improving the experience of all participants in this financial system. Likewise, it has dedicated itself to facilitating access to these services in a massive way with the help of the internet and smartphones. 

One of the great differentiators of fintech with which most intend to compete against traditional financial companies is that the vast majority of fintech offer lower commissions to banks. 

Pay attention to this date 

However, it is a reality that it is such a notorious phenomenon that the authorities of almost the entire world continue, in many cases, studying and legislating this phenomenon. So, the regulations around fintech in the world are not perfect, and there is the possibility that some of these could be some potential fraud in the absence of regulation. 

Enso users recently received a written communication advising customers: 

“We inform you that Enso is undergoing a process of transformation and innovation towards new products. That is why as part of this evolution, we will proceed to cancel your account as of August 1, 2023. 

These changes are intended to improve our service offer and we hope to return with you soon so that you are part of this digital transformation. 

  We ask you to withdraw the resources from your account before July 14, 2023, since, later, you will not be able to access it” 

The National Banking and Securities Commission (CNBV) fined, in February of this year, almost 22 million pesos to eight banks and the firm Enso with 2.06 million pesos for failing to comply with different regulations. 

In the case of Enso, whose legal name is Grupo Finve, the fine was 2.06 million pesos for failing to comply with the Fintech law. The CNBV said that this company disseminated “false information to carry out the operations referred to in the Law to Regulate Financial Technology Institutions.” 

Source: La Silla Rota