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Big tech policy group calls on Trump to promote fintech innovation

01 December 2016  |  7452 views  |  0 Washington Capitol hill

Financial Innovation Now, a public policy coalition comprised of Amazon, Apple, Google, Intuit and PayPal, has called on President-elect Trump to develop a national vision and co-ordinating strategy to promote the development of fintech innovations in financial services.

In its letter to the Trump-Pence transition team, FIN recommends the incoming administration modernise digital payments regulations, enable consumers to manage their finances with the latest technology, and increase small business access to capital.

The group is urging Trump to appoint a Treasury Undersecretary for Technology, to "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 says that while America’s financial regulators and Congress have recognised the revolutionary potential of fintech innovations on a bipartisan basis, more leadership and federal coordination is necessary.

In particular, the group is calling for action across a number of key public policy areas, including the promotion of open and interoperable standards for card payments security, streamlining of money transmission licensing, the use of open APIs to provide consumers and third party operators with easy access to financial accounts and data, easing the rules on capital raising via online marketplaces, fostering real-time payments, and using mobile technology to promote financial inclusion.

"In closing, we look forward to working with you, your transition team and your new Administration on a range of policy questions related to financial technology," the letter states. "As we continue working to bring market some of the most innovative and secure financial technology products available to consumers and businesses today, we are hopeful your team will embrace the essential role that technology plays in the democratisation of finance."

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