Mexican financial regulator CNBV received 85 applications from companies looking to provide financial services, as it implements new regulations around fintech companies.

Of the 85 applicants, 60 bid to become electronic payment processors with the remainder seeking to operate as financial institutions. In a statement, CNBV explained the deadline for applications had now passed, meaning existing providers which did not take part will no longer be able to operate in the country.

CNBV explained the move relates to the introduction of new financial services regulations in March 2018 and forms part of its “commitment to supervise and regulate the entities that make up the financial system in Mexico”.

It aims to “promote the healthy and balanced development” of financial services to “ensure that everyone has access” to them.

In addition to boosting access to financial services, Reuters reported Mexico’s government is keen to develop methods to reduce the amount of physical cash in circulation, to combat money laundering and corruption.

The news agency stated around 44 per cent of the nation’s adult population do not have access to basic services including bank accounts.