CONDUSEF Grants Approval to Quark Mexico for SOFOM ENR

Quark International Holdings Mexico, SAPI de C.V. (Quark International Holdings Mexico) announced today that the National Commission for the Protection and Defense of the Users of Financial Services (CONDUSEF) has granted approval to its application as a Sociedad Financiera de Objeto Múltiple non-regulated entity (SOFOM ENR) on 14 September 2022, subject to meeting all regulatory conditions set by the public institution. Quark International Holdings Mexico is expected to be the next-generation company to enable local small and medium enterprises (SMEs) and financially underserved segments, such as unbanked and underbanked individuals, to access a suite of inclusive financial services. In particular, unbanked and underbanked individuals are expected to be key beneficiaries of its inclusive financing services as only 37% of the current adult population in Mexico have bank accounts. This situation reflects the disconnect and isolation of this group of people from the present financial system which the company aims to revolutionize. Apart from providing inclusive financing services, the company is a Software as a Service (SaaS) provider whereby it develops and offers an array of scalable, customized, and optimized software solutions for companies in the region. Approval of the SOFOM ENR application means that Quark International Holdings Mexico is now legally authorized to conduct the business activities of granting credit, financial leasing, and financial factoring which will facilitate the roll-out of its inclusive financing solutions that seat at the very core of the company’s business mission. The SOFOM entity type is commonly cited to be the most powerful financial entity type or structure after a full banking license in Mexico. About Quark International Quark International is one of Asia’s fastest-growing financial technology groups. Quark is incorporated in Singapore and has existing operations in Asia, America, and Africa continents. Quark employs unparalleled technology to develop financial mobile applications that enable people to access financial solutions non-traditionally in an approved regulatory environment. Its mission is to create easy access to financial solutions and financial literacy knowledge via technological means such as mobile phones. Overall, establishing a sound financial infrastructure elevates the quality of life and reduces social inequality.