For Indian fintech companies looking to enter the US market there is now a new avenue. The Arizona Bankers Association has set up a new Arizona Fintech Council to provide an opportunity for international fintech companies to partner with US financial institutions to showcase and present their work.
The Fintech Council, set up in partnership with CCG Catalyst Consulting, will provide the space for fintech companies looking to enter the US market to present their unique product or service offerings to upto 30 banks in one setting.
The Council will initiate new opportunities for member financial institutions and selected fintechs to connect with each other, evaluate startups’ readiness to work hand in hand with financial institutions on innovative new products and services, and aid in arranging proofs of concept (PoCs) with participating financial institutions and fintechs in Arizona’s regulatory sandbox.
“The unique nature of our state’s fintech sandbox law and our relationship with the national consultancy of CCG Catalyst put us in a position to maximize this economic development opportunity to bring these transformational companies to Arizona,” said Paul Hickman, President and Chief Executive Officer (CEO) at the Arizona Bankers Association. Arizona is the only state in the US with no domicile restrictions for their regulatory sandbox.
The Fintech Council and the Arizona Sandbox are unique given there are no domicile restrictions on the financial institutions or fintech applicants. The Arizona Fintech Sandbox eases regulatory burdens for fintechs while allowing them to partner with financial institutions testing innovative products and services. It promises to be a great opportunity for new entrants whether it be startups or established companies new to the US marketplace. Participating financial institutions can enter prospective partnerships with, invest in or outright acquire some of the participating fintech companies.
Participants will include diverse institutions of the Az(BA), which includes member financial institutions of all sizes, ranging from community, regional, super-regional and financial institutions with more than $1 trillion in assets. Select institutions that are not Az(BA) Association members may also participate, and other stakeholders from government and academia will also join the Council’s ranks. Leading Arizona organizations including the Arizona Commerce Authority (ACA), Arizona Technology Council (AZTC), Greater Phoenix Economic Council (GPEC) and Sun Corridor, Inc. (SCI) will also work to entice fintechs to come to the state and help them partner with financial institutions.
“Under Governor Ducey’s leadership, Arizona was the first state in the nation to establish a fintech sandbox program, demonstrating our commitment to embracing the emerging technologies that will shape our future,” said Sandra Watson, Arizona Commerce Authority President & CEO. “The Arizona Fintech Council will further advance our state’s reputation as a hub for innovation in the financial services industry, and the ACA is proud to participate in the effort alongside partners statewide,” Watson added.
Arizona State University (ASU) will also partner with the Council to make connections for its students who have interest in the financial services industry. Ranked number one in innovation by US News & World Report for the sixth year running, ASU offers a strong talent pool and will be an asset for new and emerging fintechs looking for further growth and expansion.
“At Arizona State University, we are always looking at data that informs us about what is ahead in workforce development and preparing students for jobs that may not even yet exist,” said ASU President Michael M. Crow. “The plans for advancement and the work that will be done through the Arizona Fintech Council is exciting because of what it can do to help companies prepare and new companies emerge to meet the opportunities ahead and the kind of talent and skills needed to drive successful outcomes,” Crow said.
The Council will facilitate connections through regular summits, where fintechs selected with CCG’s Catalyst recommendation will showcase their ideas to member financial institutions. If a member institution seeks to partner with one of the presenting startups on a PoC, the Council will then refer an application to the Arizona attorney general for approval and inclusion in the sandbox program.
Bringing this partnership together with Az(BA) and enlisting the support of numerous financial institutions, regulatory agencies, and public innovators will bring new opportunities to the financial services community locally and across the nation, said Paul Schaus President & CEO of CCG Catalyst, a global management consulting firm specialised in financial services sector.
Scarlett Sieber, CCG Catalyst’s Chief Strategy and Innovation Officer will lead the fintech effort. Miranda Jenkins, the firm’s Chief Operating Officer will manage the fintech program.
The Arizona Bankers Association is a 117-year-old trade association for Arizona’s community banks and financial services industry.