As the only state where all four North American deserts reside, it’s fitting that Arizona became the first state to establish a “sandbox” for financial technology firms.
4/13/18: Arizona AG Digs His Sandbox
At fintech conferences, ties are not only optional, they number in the decimal places in ratio to the crowd. So when Arizona Attorney General Mark Brnovich took the podium in a breakout session at LendIt Fintech this week in a suit, sneakers, and sans tie, he couldn’t resist a little joke.
Great expectations await the Aug. 3 launch of the nation’s first state-level regulatory sandbox in Arizona. Sandbox supporters hope the project will position the Grand Canyon State as an innovative hub for financial technology and prove lighter regulation and consumer protection can coexist.
The wild west of Arizona is now officially open to a new kind of fintech company. After working closely with the state legislature to develop a special bill that lets financial technology startups experiment with fewer regulatory burdens, the state attorney general is now accepting applications from fintech companies, blockchain companies, mortgage companies and more.
Attorney General Mark Brnovich announced today the first Arizona FinTech Sandbox participant is Omni Mobile Inc., a mobile payment platform aiming to test cheaper and faster payment transfers through its centralized wallet infrastructure. The Attorney General's Office also announced the signing of a new cooperation agreement with Taiwan.