Formed by the leaders of the technology-centred financial services industry, the Financial Technology Association (FTA), a new trade group has launched with the publication of its introductory paper, ‘Shaping the Future of Finance’.
As part of its entry into the space, the FTA will seek to educate stakeholders and support the modernisation of financial regulation to drive greater financial inclusion, equity and opportunity. Founding FTA members include Afterpay, Betterment, Brex, Carta, Figure, Marqeta, Quadpay, Plaid, Ribbit Capital, Wise and Zest AI.
“FTA looks forward to engaging with the new Administration and Congress in order to help solve outstanding financial services challenges faced by many Americans, including a lack of access to fair and accessible products and financial opportunities,” said Milan Dalal, FTA Senior Government Relations Advisor.
“The fintech industry has an important story to tell and looks forward to working with policymakers to protect consumers and advance responsible innovation.”
FTA underlined that the successful integration of financial technology solutions in the American financial system starts with the adoption of national policies that recognise the importance of responsible innovation and encompass a coherent vision on key priorities, which include:
• Safeguarding consumers and promoting financial education and literacy;
• Providing fair, accessible, and transparent financial services to consumers, including marginalised and underserved communities;
• Championing the role of the U.S. and its norms in the global financial ecosystem;
• Encouraging responsible and equitable private sector innovation and competition; and,
• Further upgrading the national financial infrastructure.
“Technology-driven innovation is transforming the way we offer, access, and benefit from financial services and markets in the United States,” said Daniel Gorfine, FTA Senior Policy Advisor. “This organisation 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.”