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PFM: The Role Of Regulatory Sandboxes In Fintech Innovation

  • Truefit 501 Grant Street Pittsburgh, PA 15222 United States (map)

"Toddlers play in sandboxes. Adults play by the rules."

That 2018 quote from The New York State Department of Financial Services set an interesting tone for Fintech innovation in the US and opposed the Department of Treasury’s endorsement of regulatory sandboxes for financial technology companies.

Since the launch of the UK’s regulatory sandbox in May 2016, regulators across the globe have adopted similar frameworks. Arizona was the first state in the US to create a Fintech sandbox in 2018. Utah just recently created their own in 2019.

Regulatory sandboxes are not only of interest to startup firms. They also have potential benefits for more established market players that are looking to launch innovative new products that do not fit easily within the mold of existing financial services regulation.

Will this patchwork of state sandboxes evolve to mirror the state bank licensing framework? And what should Pennsylvania do to stay competitive?

Earlier Event: September 18
PittAgile: Agile And Program Management
Later Event: September 19
UPII: Big Idea Kickoff