The White House Published the First Framework for FinTech

The White House FinTech Summit has finally published a whitepaper, A Framework for FinTech, on this Friday, January 13th, 2017, aiming to develop a policy framework for regulating the FinTech ecosystem and to encourage public-private collaboration in the FinTech industry.

This is the first time the U.S. government, engaged with stakeholders across the country, published its regulation principles in the industry. The Framework including 10 principles that encourage stakeholders to:

“1. think broadly about the financial ecosystem;

2. start with the consumer in mind;

3. promote safe financial inclusion and financial health;

4. recognize and overcome potential technological bias;

5. maximize transparency;

6. strive for interoperability and harmonize technical standards;

7. build in cybersecurity, data security, and privacy protections from the start;

8. increase efficiency and effectiveness in financial infrastructure;

9. protect financial stability; and

10. continue and strengthen cross-sector engagement.”

The publish of this Framework shows that, first, the U.S. government rates highly on the rapid growing FinTech industry, and second, the government begins to make great effort in regulating the industry. The Framework also illustrates the right approaches to ensure the promising growth of FinTech in the near future as forecasted p by scholars and regulators.

Source: https://www.whitehouse.gov/blog/2017/01/13/framework-fintech