The White House unveils fintech framework for US
The National Economic Council (NEC) of the US, part of the Office of White House Policy, has published a whitepaper, “A Framework for Fintech”.
“This whitepaper expresses the forward-leaning posture of this Administration to innovation and entrepreneurship, generally, and fintech in particular,” NEC says.
It is a result of the discussions held at the White House Fintech Summit in June 2016, where the “Cabinet Secretaries and senior officials from across the Administration engaged with stakeholders about the potential for fintech to further myriad policy goals, including small business access to capital, financial inclusion and health, domestic growth, and international development”.
The document provides ten overarching principles for policymakers, regulators, industry participants and other stakeholders to consider:
- think broadly about the financial ecosystem;
- start with the consumer in mind;
- promote safe financial inclusion and financial health;
- recognise and overcome potential technological bias;
- maximise transparency;
- strive for interoperability and harmonise technical standards;
- build in cybersecurity, data security, and privacy protections from the start;
- increase efficiency and effectiveness in financial infrastructure;
- protect financial stability;
- continue and strengthen cross-sector engagement.
“Significant work remains, however,” NEC notes.
“This whitepaper is both a product of ongoing public-private cooperation and a roadmap for future collaboration.
“As the fintech ecosystem continues to evolve, this statement of principles should serve as a resource to guide the development of smart, pragmatic, and innovative cross-sector engagement.”
Click here to read the whitepaper.