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Overview
Mexico’s financial services sector is one of the most dynamic in Latin America, supported by a solid regulatory framework and well-developed sub-sectors. While Mexico has strong financial institutions, credit penetration remains relatively low and financial inclusion is still developing, creating opportunities for UK financial services exporters.
Mexico’s strategic location, young and tech-savvy population, and government initiatives to promote innovation and entrepreneurship further enhance its appeal. The fintech sector has seen rapid growth, due to increasing adoption of mobile banking and alternative lending platforms.
The sector is economically significant, with strong opportunities across asset management, insurance, banking and capital markets. As the market continues to evolve, rising demand for more sophisticated financial services, driven by financial inclusion and growing wealth, creates space for international firms. High levels of international money transfers also support further growth, particularly in digital payments and fintech solutions.
Trade agreements between the UK and Mexico provide a solid framework for deepening engagement with one of Latin America’s largest economies. Commitments within these free trade agreements (FTAs), as outlined in this explainer, will help UK businesses access new opportunities and trade more easily with Mexican partners, in line with the UK’s Trade and Industrial Strategies.
Trade agreements with Mexico
The UK has 2 free trade agreements (FTAs) with Mexico:
- the UK-Mexico Trade Continuity Agreement (TCA) which entered into force on 1 June 2021
- the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade agreement including 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK and Vietnam), which entered into force between the UK and Mexico on 22 June 2026
The UK-Mexico TCA should be read in conjunction with the following Parliamentary report as certain elements therein have undergone slight changes to adapt the existing agreement to the UK outside the EU.
The UK-Mexico TCA will remain in force alongside CPTPP. At times, you will need to specify which agreement you choose to trade under (notably when applying rules of origin), but benefits from either agreement will mostly apply automatically. Our guides attempt to highlight where businesses may need to make an explicit decision.
CPTPP entry into force and ratification
As of 22 June 2026, CPTPP is in force between the UK and:
- Australia
- Brunei
- Chile
- Japan
- Malaysia
- Mexico
- New Zealand
- Peru
- Singapore
- Vietnam
This means that the UK can access CPTPP provisions with these countries.
Canada has have not yet ratified the terms of the UK’s accession. This means that the UK cannot yet access CPTPP provisions in this country.
This guidance will be updated following the remaining country's ratification of the terms of the UK’s accession to CPTPP and will include when CPTPP will enter in force between the UK and the relevant remaining country.
Opportunities for UK financial services suppliers in Mexico
Fintech and digital financial services
Mexico is one of Latin America’s largest and fastest growing fintech markets, driven by high mobile use, a large underbanked population, and supportive regulation such as the Fintech Law. Ongoing gaps in traditional banking are sustaining demand for digital payments, lending, and financial inclusion solutions.
UK firms are well positioned to enter or partner in this market with strengths in fintech innovation, digital payments, regulation tech, and cybersecurity, particularly where they can deliver secure, scalable and compliant solutions tailored to local needs.
Banking and capital markets
Mexico’s banking and capital markets offer opportunities for UK financial services firms, supported by a stable macroeconomic environment and efforts to expand financial intermediation. Despite a well-established sector, low financial inclusion and limited access to credit are increasing demand for innovative financing and capital markets expertise.
UK firms are well placed to contribute through structured and project finance, advisory services, and specialist financial solutions, particularly in infrastructure, energy and industrial development.
Insurance and risk management
The Mexican insurance market remains underpenetrated relative to the size of the economy, creating opportunities for UK firms in insurance, reinsurance, and risk management. Expanding activity in manufacturing, infrastructure and energy is driving demand for more sophisticated solutions to address operational, environmental and supply chain risks.
UK providers are well positioned to meet this need through specialist underwriting, actuarial expertise, and tailored products that support resilience and international standards.
Relevant CPTPP provisions for UK businesses
Financial services chapter
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) includes a standalone financial services chapter. Various commitments in the chapter go beyond the General Agreement on Trade in Services (GATS) and create the conditions, across regulatory regimes, for financial services firms to have confidence when entering and operating in CPTPP Parties’ markets.
The chapter ensures that firms can provide new products and innovative services to CPTPP markets on a level playing field with domestic firms. It commits parties to promoting regulatory transparency in financial services.
CPTPP provisions also help encourage more dynamic business models, such as provisions on the performance of back-office functions, avoiding restrictions on residency requirements, and measures that help liberalise cross-border trade including to protect the free flow of financial information.
CPTPP also allows portfolio managers, in which the UK has historic strengths, to manage funds across the world from the UK. The UK’s position as a leading global asset management hub supports the wider financial services ecosystem by encouraging other sectors, such as trading and investment banking, to conduct their activities in the UK.
Similarly, all CPTPP members are committed to allowing data to move freely in both directions. They are committed to not imposing:
- unjustified data localisation requirements, where data is required to be stored in a specific country, often for security reasons
- unjustified server localisation requirements, where a business is required to establish facilities in a specific country
For further information, please see our Mexico digital guide.
Easier business travel
Business mobility provisions in FTAs support the temporary movement of professionals to deliver services, negotiate the sale of goods, and invest in businesses in person.
The UK’s FTAs help provide greater certainty and access for the temporary movement of highly skilled professionals between countries. These benefits give business people more options and flexibility for business travel, as well as often allowing them longer periods of stay in other countries to carry out business activities.
The UK-Mexico FTA recognises the following categories of business person:
- short-term business visitors
- business visitors for investment purposes
- intra-corporate transferees
- investors
- contractual service suppliers
- independent professionals
Entry to Mexico is subject to applicants meeting the relevant immigration requirements set out by Mexico. For full details on visa requirements and applications, visit the Mexican Ministry of Foreign Affairs website.
Government procurement
The UK-Mexico FTA and CPTPP both provide further opportunities, ensuring systems for procurement are open, transparent and accessible for you. The agreements work to:
- ensure procurement is done according to rules agreed by both countries
- provide schedules describing what goods and services are covered by the relevant agreement and are therefore subject to the agreed rules, known as market access schedules
- to treat each other’s suppliers fairly when they are competing for contracts covered by either agreement
Mexico’s market access schedule sets out the procurement Mexico has agreed to cover, for example the procuring entities, goods, services and construction services subject to the government procurement chapter.
This means that when you bid for contracts under the categories listed in Mexico’s market access schedule you have a right to transparent and fair treatment, on the same terms Mexican procuring entities give to their domestic businesses and businesses from other CPTPP countries. This schedule includes entities under the Ministry of Finance and Public Credit.
For further information, refer to our Mexico Government Procurement guide.
Intellectual property
The membership is committed to the highest data protection standards, so UK businesses can expand into CPTPP markets with confidence, ensuring that individuals and businesses know their data and intellectual property are safe.
Investment
The UK has had huge success in attracting Foreign Direct Investment (FDI) in the financial services sector. Through CPTPP, the UK and Mexico have gained liberalisation commitments for the first time, which will help to build on their strong existing investment relationship.
Opportunities for digital trading
Electronic authentication and electronic signatures
Electronic signatures and electronic authentication increase trust in e-commerce by helping to verify that transactions, and the people behind them, are genuine. Strengthening the legal validity of electronic signatures provides greater confidence that transactions can be concluded through electronic means.
By using electronic signatures and/or electronic authentication, you can complete transactions in a matter of minutes regardless of where your counterpart is, reducing costs and simplifying processes.
CPTPP ensures that electronic signatures are considered valid by all CPTPP countries, and individuals and businesses can confidently use them.
However, CPTPP countries might impose specific criteria regarding electronic signatures, including some circumstances where electronic signatures are not accepted. You should check local regulations for more information.
You have the freedom to determine the best way of authenticating your transaction. However, for some transaction categories, there can be specific requirements.
Protected source code
You are not required to share or transfer your source code or algorithm as a condition to do business in CPTPP markets. This provides protection and guarantees to your technology and services that rely on source code or unique algorithms, especially from disclosing commercially sensitive information to your competitors as a condition to do business.
There are some exceptions where you might be required to disclose information, including as part of an investigation, inspection or a juridical proceeding. This protection does not extend to when you are accessing a government-owned or government-controlled network, including Central Banks, or in relation to measures on financial institutions markets.
Protection for products using cryptography
To note, the following information relates to ‘Information and Communication Technology (ICT) Products that Use Cryptography’ Section A which is found in Annex 8-B to CPTPP Chapter 8: Technical Barriers to Trade, rather than CPTPP Chapter 14: Electronic Commerce.
Encryption is critical to shielding citizens and companies from a variety of threats including fraud, hacking and corporate espionage. ICT products that use cryptography ensure that the information transmitted or stored is processed securely. This can be done by requiring user authentication and permitting access of the information only to authorised users.
Businesses selling ICT products will be able to enter the markets of CPTPP countries, confident that they will not be required to transfer or provide access to proprietary information related to cryptography, in order to comply with technical regulations or conformity assessment procedures.
They will also not have to partner or co-operate with another person or use a particular cryptographic algorithm to sell commercial ICT products in these countries.
Any requirements relating to the use of ICT products in government networks, financial institutions and markets are out of scope and are still permitted by CPTPP countries.
Supporting your export journey
Doing business in Mexico
Mexico has a population of around 131 million people, making it one of the largest consumer and labour markets in the world. In economic terms, Mexico is one of the world’s largest economies – it ranks around 15th globally and second in Latin America and the Caribbean. This scale, combined with a large industrial base and strong domestic demand, makes Mexico an important market for international business opportunities.
From a business culture perspective, Mexico is generally considered a high-context culture, where successful communication and outcomes depend on relationships. Communication tends to be relatively formal, especially in first meetings and when engaging with senior counterparts, with clear respect for hierarchy and titles.
Face-to-face interaction remains especially important for building trust, strengthening relationships, and moving commercial conversations forward. While virtual engagement is common, in-person meetings are still highly valued in many sectors and can play a decisive role in establishing credibility and long-term partnerships.
In relation to the existing trade relationship, Mexico is the UK’s 39th largest export market. Total UK exports to Mexico amounted to £3.7 billion in the 4 quarters to the end of Quarter 4 2025.
For the latest statistics on trade between the UK and Mexico, see Mexico’s trade and investment factsheet.
Obtaining further information from Mexican regulators
Within the Mexican Financial System, there are 2 distinct types of banks:
- multiple banking Institutions
- banks with restricted operating licenses
The Comisión Nacional Bancaria y de Valores (CNBV) issues 2 categories of licenses for operating as banking entities: multiple Banking Institutions and those with limited operating licenses, the latter requiring 2 levels of minimum capital.
Furthermore, its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulation and supervision is at the forefront of international standards and global trends. View an overview of the Mexican Financial System and its AML/CFT regulation and supervision.
Some of the financial activities that require a license in Mexico are as follows.
Banks
Within the Mexican Financial System, there are 2 distinct types of banks:
- multiple banking institutions
- banks with restricted operating licenses
The Comisión Nacional Bancaria y de Valores (CNBV) issues 2 categories of licenses for operating as banking entities: multiple banking institutions and those with limited operating licenses, the latter requiring 2 levels of minimum capital.
Multiple banking institutions, often referred to as conventional banking entities, are anonymous corporations authorised to conduct activities aimed at pooling resources from the public and subsequently channeling them through financial means. These activities encompass a range of banking and credit services. Given their versatility in operations, these institutions must maintain a minimum capital of 90 million USD.
Banks with limited operating licenses, also recognised as Niche Banking, focus on catering to a particular market segment and engage in select activities permitted under the Credit Institutions Law.
Financial technology businesses (fintech), fintech businesses offer financial services using innovative technologies, such as electronic payments, peer-to-peer lending, crowdfunding, and automated financial management. In March 2018, the Law for Regulating Financial Technology Institutions (‘Fintech Law’) was published, which regulates a new type of financial entity in the financial system in Mexico. These businesses need authorisation from the CNBV to operate as financial technology institutions.
Electronic payment funds institutions
For the organisation and operation of electronic payment funds institutions in Mexico, it is necessary to obtain authorisation from the CNBV. These institutions specialise in facilitating electronic payments, fund transfers, and other financial transactions through digital platforms, prepaid cards, mobile applications, or other electronic means.
Insurance companies
To operate as an insurance company in Mexico, a company must obtain a licence from the Comisión Nacional de Seguros y Fianzas (CNSF). The CNSF is the authority responsible for regulating and supervising the insurance sector in the country, ensuring that insurance businesses comply with the legal, financial, and operational requirements necessary to operate safely and reliably.
Brokerage houses
To offer stock brokerage services, investment advice, and investment portfolio management, brokerage houses in Mexico require a licence from the CNBV.
Pension fund managers (Administradora de Fondos para el Retiro, or AFOREs): AFOREs, responsible for managing retirement savings funds for workers, must have a licence issued by CONSAR (Comisión Nacional del Sistema de Ahorro para el Retiro).
Investment funds
Investment funds are collective investment vehicles that allow investors to participate in various financial instruments through a diversified portfolio. These funds must obtain authorisation from the CNBV to operate as investment funds..
Currency exchange houses
Currency exchange houses are dedicated to buying and selling foreign currencies and other financial instruments. These entities require a licence from the Ministry of Finance and Public Credit (SHCP) to operate as currency exchange houses.
You can contact the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or CNBV) at: amlquestions@cnbv.gob.mx.
To operate as an insurance company in Mexico, a company must obtain a licence from the Comisión Nacional de Seguros y Fianzas (CNSF). The CNSF is the authority responsible for regulating and supervising the insurance sector in the country, ensuring that insurance businesses comply with the legal, financial, and operational requirements necessary to operate safely and reliably.
Brokerage houses
To offer stock brokerage services, investment advice, and investment portfolio management, brokerage houses in Mexico require a licence from the CNBV.
Pension fund managers (Administradora de Fondos para el Retiro, or AFOREs): AFOREs, responsible for managing retirement savings funds for workers, must have a licence issued by CONSAR (Comisión Nacional del Sistema de Ahorro para el Retiro).
Investment funds
Investment funds are collective investment vehicles that allow investors to participate in various financial instruments through a diversified portfolio. These funds must obtain authorization from the CNBV to operate as investment funds.
Currency exchange houses
Currency exchange houses are dedicated to buying and selling foreign currencies and other financial instruments. These entities require a licence from the Ministry of Finance and Public Credit (SHCP) to operate as currency exchange houses.
You can contact the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or CNBV) at: amlquestions@cnbv.gob.mx.
Department for Business and Trade support
The Department for Business and Trade (DBT) helps businesses export, drives inward and outward investment, negotiates market access and trade agreements, and champions free trade. Helpful links, tools and services available from DBT and wider government include:
Export Support Service (ESS) team
Get support on how to do business abroad. Businesses in Wales can also access support from Business Wales.
Export Support Service – International Markets (ESS-IM)
DBT's overseas in-market export support service for SMEs with high-export potential. Our International Market Advisers provide tailored support and market introduction information to new and current UK exporters looking to enter or expand into new markets. The service may be accessed globally with International Markets teams in South Asia, China, the Middle East, Africa, Eastern Europe, North America and Latin America.
Sign up to access webinars on how to grow your international sales.
Information on finance and insurance for UK exports.
Trade and investment factsheets
The latest statistics on trade and investment between the UK and individual overseas partners.
Overseas business risk profiles
Information for UK businesses on political, economic and security risks when trading overseas.
Advice and warnings about travel abroad, including entry requirements, safety and security, health risks and legal differences.
Check or report a trade barrier
If you encounter an issue when exporting to any country – report the issue and UK government officials will be able to assess the issue and consider the options we have open to addressing it as appropriate.
Search for your specific product to find applicable tariffs for each market, explore rules of origin and step-by-step help on customs procedures.
Check import duties and allows you to check the status of available tariff rate quotas.
Useful resources
To find out more about export opportunities to Mexico, please consult DBT’s market guide. This page will also help you understand more about business culture in Mexico, and links to existing trade barriers with this market.
Prior to export, you must be aware of local regulations and import conditions in Mexico that apply to your goods or services. This can include tax considerations, labour laws, intellectual property rules, labelling and packaging regulations, among others.
For further information related to local regulations, business culture, or to find a local lawyer, translator, importer or distributor, use the following contacts:
- DBT’s Export Support Service International Markets team
- get in touch with DBT at the local British Embassy
- get in touch with the British Chamber of Commerce in Mexico
For information on political, economic and security risks when trading with Mexico, see:
Legal disclaimer
This document is provided as an information guide only and should not be relied on as a substitute for your own research or independent advice.
No investment and/or business decision should be made solely on the basis of information presented in this document. It is recommended that an independent due diligence investigation is conducted before entering into engagement with any individual, business or other organisation mentioned.
The Department for Business and Trade accepts no responsibility for any loss or damage caused to any person as result of any error, omission, inaccurate or misleading statement in this document.
The accuracy, completeness or timeliness of the content of any website mentioned in this document is not guaranteed in any way, implied or explicit.
