This is a PACKED panel. I will be in Washington D.C. tomorrow and Wednesday to speak on Bank and Fintech partnerships at the American Fintech Council Policy Summit.
I'm generally of the view that
1. Fintech companies had to learn a lot of lessons the hard way.
2. Fools rush in, and many banks, VCs and intermediaries rushed
3. But there are good actors, best practices and better approaches emerging
4. The regulatory framework can be applied, but regulators weren't ready for this boom
5. There aren't many good choices for Fintech companies if no de-novo charters are being issued
6. The conclusion cannot be Fintech = bad.
It's perfect timing we saw the RFI comment letters on bank and Fintech partnerships. It's clear the big banks want to own partnerships, the banks under consent orders can't say much, and the Fintech companies are still learning how to lobby.
My purpose in life is often to say the quiet part out loud.
Fintech gave us
- Cashflow underwriting
- Digital onboarding during the pandemic
- Digital KYB
While there are failings, there are failings EVERYWHERE in finance.
We have a responsibility to make the whole industry better.
#impostersyndrome with this panel.
I listened to Alex Johnson and Kiah Lau Haslett on Fintech Nerd Corner to help prep for the panel. Jason Mikula has a grasp of the facts I never will and Jonah Crane is a former regulator and actively consulting in this space.
I have a newsletter.
And a beard.
But come anyway.
Because Fintech is a massive net positive.
And the Fintech companies that succeed always get compliance pushback, and then get it right as they scale.
Lawyer | Tech, IP, Contracts | LL.M. Stockholm Uni, FGV Direito Rio de Janeiro
2w👏👏👏