In its national development plan 2013-2018 the Mexican government established as the fifth national goal (Mexico with Global Responsibility) to implement strategies and actions for social integration and financial education for Mexican nationals living abroad. This is the mandate of the Institute for Mexicans Abroad (IME).

The 3x1 is an innovative programme that helps migrant communities to align and influence local development policies back home. For every “peso” a collective group of migrants invest, the local, state and central government each match that “peso”. The initiative came about because Mexican diasporas were telling Mexican government that they were sending money home but the conditions of their families and communities were not improving.

Through the continuous promotion and use of the “Directo a México” program from the Central Bank, the Mexican population in the US has a safe and low-cost alternative to send their money home. The major benefit of using this channel is that the commission charged is very low (0.21%).

One of the latest efforts of the Mexican Government towards expanding the usage of the payment system network is the electronic distribution of all the stipends from Mexico’s largest social welfare program (PROSPERA). As many PROSPERA beneficiaries also receive remittances, it is expected that this will have flow-on effects to improve how PROSPERA recipients manage and use remittances. 

The Mexican Government has passed a FinTech Law in March 2018, which  aim at protecting customers, giving platforms legal and fiscal certainty and ensuring compliance with AML/CTF standards.