Mexico's factoring companies, leasing companies, warehouses and credit unions hope the government will submit a bill to congress next year that would allow them to broaden their service offering, after missing this year's legislative window.
"The law that we are subject to now restricts our activities to only those which we are specifically authorized to undertake and that causes a lot of problems as it puts us in a business that doesn't move with the rhythm and innovation the market wants," says factoring association chairman Guillermo Lagos Espinosa.
The factoring industry wants to be able make private debt placements outside of the financial markets and without the costly process of requesting a rating from a ratings agency, he added.
Non-banking financial entities have been lobbying the government for nearly two years to give them greater freedom to offer financial services.
