How the US could win the FinTech Race

Headlines suggest competition is reaching new heights, as FinTechs are shaping the future of the financial industry and beyond.

In this context, to name but a few, whilst someone points to Germany as the emergent hub in the sector, Sweden will soon open its first tech hub, Nigeria records over $200m FinTech investment in 2 years, uncertainties around Brexit are fueling concerns about the UK leadership as business leaders argue on the reasons why the UK’s FinTech sector must work more collaboratively with China – which according to experts will pave the way in the near future -, American firms urge the new elected President Trump to embrace technology’s potential to make financial services better for American consumers and small businesses.

In particular, Financial Innovation Now (FIN), a Washington-based public policy coalition comprised of Amazon, Apple, Google, Intuit and PayPal recommends the incoming administration update digital payments regulations, enable consumers to manage their finances with the latest technology, and increase small business access to capital.

Furthermore, FIN is trying to persuade President-elect Trump to appoint a Treasury Undersecretary for Technology, responsible for developing a national vision and coordinated strategy to ensure America wins the race to create FinTech companies and grow jobs the United States, and work across all federal financial regulators to foster competition and innovation in an antiquated banking sector to better serve consumers and the economy.

The letter can be downloaded here.

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