FTA launches its organisation to promote FinTech development

The group will educate stakeholders and support the modernisation of financial regulation to drive greater financial inclusion, equity and opportunity, according to a press release by the organisation

The Financial Technology Association (FTA), a new trade group formed by leaders of the technology-cantered financial services industry, today announced the launch of its organisation.

According to a press release, Afterpay is a founding member alongside Betterment, Brex, Carta, Figure, Marqeta, Quadpay, Plaid, Ribbit Capital, Wise and Zest AI.

The group will “educate stakeholders and support the modernisation of financial regulation to drive greater financial inclusion, equity and opportunity”, the release stated.

The group stated in the release that it believes in the successful integration of FinTech in America, which starts with the adoption of national policies recognising the importance of responsible innovation.

FTA looks forward to engaging with the new Administration and Congress in order to help solve outstanding financial services challenges faced by many Americans, including a lack of access to fair and accessible products and financial opportunities, said Milan Dalal, FTA Senior Government Relations Advisor.

The FinTech industry has an important story to tell and looks forward to working with policymakers to protect consumers and advance responsible innovation, Dalal said.

In addition, the group rolled out an introductory paper, “Shaping the Future of Finance,” which demonstrates that the FinTech companies are working on efficiency and transparency, as well as widening equity, access and inclusion, according to the release.

The group wants to boost choice and reduce costs by using internet, mobile platforms, machine learning, automated platforms and other modern innovations.

In the introductory paper, the group outlined a “north star” concept that stated “safeguarding, empowering and advancing consumer and end-user interests” should be the centre of policy formations, the release stated.

It further stated that good policy should come through customer protections, a fostering of innovative business models and access to safe, inclusive products and services.

Financial literacy is also the goal of apps such as Wally, Mint, YouNeedABudget and Acorns, along with a number of banking programs, which have tried to instil saving and budgeting habits, PYMNTS reported. The apps generally encourage consumers to design budgets for how they want to spend and save.