CCG Catalyst Consulting and the Arizona Bankers Association have partnered to create the Arizona Fintech Council to spur economic growth in the state and bring viable and promising fintech companies to Arizona’s Fintech Sandbox.
Sun Corridor Inc. is among the leading state organizations to work to entice fintechs to come to Arizona and help them partner with financial institutions.
The council will initiate new opportunities for member financial institutions and selected fintechs to connect with each other, evaluate startups’ readiness to work hand in hand with financial institutions on innovative new products and services, and aid in arranging proofs of concept with participating financial institutions and fintechs in Arizona’s regulatory sandbox.
“The unique nature of our state’s fintech sandbox law and our relationship with the national consultancy of CCG Catalyst put us in a position to maximize this economic development opportunity to bring these transformational companies to Arizona, ” said Paul Hickman, president and CEO of the Arizona Bankers Association.
The Fintech Council and the Arizona Sandbox are unique given there are no domicile restrictions on the financial institutions or fintech applicants. The Arizona Fintech Sandbox eases regulatory burdens for fintechs while allowing them to partner with financial institutions testing innovative products and services.
It is a great opportunity for new entrants whether it be startups or established companies new to the US marketplace. Participating financial institutions can enter prospective partnerships with, invest in or outright acquire some of the participating fintech companies.
Participants will include diverse institutions of the AzBA, which includes member financial institutions of all sizes, ranging from community, regional, super-regional and financial institutions with more than $1 trillion in assets. Select institutions that are not AzBA Association members may also participate, and other stakeholders from government and academia will also join the council’s ranks.
In addition to Sun Corridor Inc, leading Arizona organizations including the Arizona Commerce Authority, Arizona Technology Council and Greater Phoenix Economic Council will also work to entice fintechs to come to the state and link them with financial institutions.
“Under Governor Ducey’s leadership, Arizona was the first state in the nation to establish a fintech sandbox program, demonstrating our commitment to embracing the emerging technologies that will shape our future,” said Sandra Watson, Arizona Commerce Authority president and CEO. “The Arizona Fintech Council will further advance our state’s reputation as a hub for innovation in the financial services industry, and the ACA is proud to participate in the effort alongside partners statewide.
The council will facilitate connections through regular summits, where fintechs selected with CCG’s Catalyst recommendation will showcase their ideas to member financial institutions. If a member institution seeks to partner with one of the presenting startups on a PoC, the council will then refer an application to the Arizona attorney general for approval and inclusion in the sandbox program.