US Regulator Will Start Issuing Bank Charters for Fintech Firms
Office of the Comptroller of the Currency will allow upstarts to become ‘special purpose national banks’
Firms offering online loans, smartphone payments and other financial technology products would get new flexibility to expand and further shake up the U.S. banking industry under a proposed new federal policy.
A top regulator said Friday that his agency would for the first time start granting banking licenses to “fintech” firms, giving them greater freedom to operate across the country without seeking state-by-state permission or joining with brick-and-mortar banks.
The move could open the door to more competition between the old and new financial firms, and provide a bigger opening for some large tech companies to consider new ways to offer digital payments or other services.
Read the full article in the Wall Street Journal.
One such fintech company just launched in the real-time cross borders payment space, providing a competitive alternative to the existing opaque, siloed and inefficient banking networks.
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