A new trade group has been launched to advocate on behalf of the Fintech industry. Today, the Financial Technology Association (FTA), is hoping to educate stakeholders and support the modernization of financial regulation. Founding members of the group are Afterpay, Betterment, Brex, Carta, Figure, Marqeta, Quadpay, Plaid, Ribbit Capital, Wise, and Zest AI.
In a release, FTA said it believes the successful integration of Fintech solutions in the American financial system starts with the adoption of national policies that recognize the importance of responsible innovation and encompass a coherent vision on key priorities.
Daniel Gorfine, FTA Senior Policy Advisor, stated:
“Technology-driven innovation is transforming the way we offer, access, and benefit from financial services and markets in the United States. This organization will focus on proactively shaping regulations, policy frameworks, and public understanding in order to safeguard consumers and advance the development of trusted, digital financial markets and services.”
Milan Dalal, FTA Senior Government Relations Advisor, added that they look forward to engaging with the new administration and Congress to help solve outstanding financial services challenges faced by many Americans:
“The Fintech industry has an important story to tell and looks forward to working with policymakers to protect consumers and advance responsible innovation.”
As part of the new organization’s launch, it has issued an introductory paper entitled Shaping the Future of Finance.
FTA’s introductory paper seeks to show that Fintech companies are improving efficiency and transparency, broadening equity, access and inclusion, reducing costs, and increasing choice for consumers and businesses.