During his presidency and campaign, President Donald Trump strives himself behind making America competitive in industries where they don’t have a competitive advantage, specifically manufacturing. However, his focus for deep change causes him in this area has caused him to lose focus on the potential in other industries like fintech. The U.S is adapting perfectly to the rise in fintech but its the government regulators that are late to the party and aren’t capitalizing on the monetary value in fintech. Other countries such as Switzerland, UK and Singapore have benefitted from regulations such as advance blockchain technology, new testing places where new financial technologies can be used first hand, prior to release, and more foreign relations are created for transactions and foreign exchange base. There are a lot of things like the SEC and bank regulators can do with the resources that the U.S has that no one else does. One suggestions would the be the utilize the highly invested artificial intelligence technology for automated financial advising to ensure SEC regulations and codes are followed. We already invest billions of dollars in AI and its only a matter of time before it starts its revolution in the states. By starting early, you are putting the U.S at a huge advantage against every other country and could make millions off of regulations or taxes when the technology is properly harnesses, it just needs more attention from government in order to come to fruition.
URL: http://www.nasdaq.com/article/mr-trump-dont-miss-the-fintech-boat-cm759822