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In between issuing pardons, penning a letter to his successor and handing back the nuclear codes, the outgoing U.S. President Obama has also found time for the FinTech sector. This week, the National Economic Council (NEC), part of the Office of White House Policy, a group set up to advise the President on U.S. and global economic policy, published a whitepaper setting out overarching principles for policymakers and regulators to consider in their efforts to further pro-FinTech policy.
The whitepaper, “A Framework for FinTech”, outlines 10 overarching principles which the NEC consider pivotal to the future development of the FinTech sector. The NEC also want these principles to act as a roadmap for ongoing collaboration between policymakers and the industry to achieve laudable policy objectives aimed at fostering innovation, promoting access to capital, strengthening financial inclusion, addressing financial stability risks and achieving national competitiveness for the FinTech sector and financial services more broadly…
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