A FinTech Sandbox in the desert! Arizona has established the first domestic FinTech sandbox for testing new financial products and services in a controlled environment with limited regulatory enforcement threat. No doubt the goal here is to attract FinTech business to Arizona, which is quite clever.
The Sandbox is available assuming certain criteria is met. For example, companies must come up with novel services or products for access. And, of course, no access to companies primarily involved in non-FinTech activities, such as securities trading, taking deposits, or offering insurance products.
Companies may pilot-run their technology for two years, and apply for a license if successful. If the pilot fails, the FinTech company must cease offering the product or service in the state. A very good business development idea for Arizona and amazingly quick action following the recent decision by the Office of Comptroller of the Currency (OCC) to begin accepting applications for national bank charters for FinTech companies engaged in the business of banking announced July 31st. https://www.occ.treas.gov/news-issuances/news-releases/2018/nr-occ-2018-74.html
Posted by Frank Leak/thirty-six|thirty
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