Team size: Five
Major legal advisers: White & Case, PBP, Creel, Gunderson

Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?

The implementation of Notion as a CRM has played a key role in the effectiveness of the team. The dashboards are interconnected, and this has enabled very agile collaboration within the team and with our stakeholders.

Can you foresee any key developments to the way general counsel work over the next five years?

Artificial intelligence solutions will undoubtedly become the key tools for legal departments. From case management to research, they will enable the team to automate day-to-day tasks, freeing them to focus on higher-value work.

How would you assess the impact of new technologies on the legal landscape in Mexico, and what measures would you propose to leverage these technologies while ensuring compliance with relevant laws and regulations?

Klar’s legal team has had the opportunity to work closely with Mexican regulators to secure authorisation to enable new technology tools for the core operational processes of its financial business. Identity theft is a growing concern in Mexico; millions of Mexicans are affected every year by identity theft and fraud, money laundering and other illegal activities. So, if you are a financial institution or an online retailer, how can you be sure that you are hiring or dealing with the real person behind a digital persona?

For Klar, the fight against fraud and money laundering has been paramount and, to this end, the implementation of innovative technologies for the authentication of its users is one of its main priorities. There are two main ways to ensure that it is the real person behind a digital persona. Validation of data from external sources, focusing on data that would only be known to the real person or at least difficult to access; and secondly, through biometric authentication tools, for example by matching the person’s face with the registered photograph.

No technology is infallible. In addition to the expected technical analysis of effectiveness and weighing such risks against business need, it is important to understand regulators’ views and concerns about the technology, the solution, and the provider. Many of these concerns stem from their experience with other actors and situations and are valuable in refining risk assessment and compliance.

What is a cause, business-related or otherwise, you are passionate about, and why?

I had the opportunity to witness the start of the fintech revolution in Mexico, experiencing the early phases of fintech law and the excitement of numerous entrepreneurs seeking innovation within this industry. Amidst the wave of fintech, one of the opportunities it presents is the enhancement of financial well-being – a great passion of mine.

There is a huge opportunity to enable people to understand how to use financial tools and manage their personal finances. Financial institutions are now investing in elegant digital interfaces that make it easy for the user to understand the products offered and how to use them without jeopardising their financial well-being.

Tools like Open Banking and API, together with artificial intelligence (AI), will surely bring innovative tools that can aggregate all the income and expenses of a family and guide them towards making good decisions. A tool that can tell you whether you can afford that new TV would really make a difference in people’s lives.

When you spend your budget in cash, credit, free instalments, deferred purchases, buy now and pay later schemes, loans, annual payments, or prepayments, it is almost impossible to have good visibility of the decisions you are making. Fintech will bring transparency to personal finance; people will be able to better evaluate the products offered and access new products that will have a positive impact on their financial goals.