Announces New FinTech Partnership with Taiwan
PHOENIX - 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.
Omni Mobile Inc., will test its product by processing guest payments at Westward Look Wyndham Grand Resort and Spa in Tucson. All Arizona-resident guests will receive a disclosure agreement (regarding the company’s participation in the sandbox), an explanation of the test nature of the product, a Privacy Notice, and the ability to opt out of any information sharing with Wyndham. Omni Mobile Inc. will have two years from the date of its entrance into Arizona's Sandbox to test its product.
Attorney General Brnovich also announced today a new cooperation agreement has been signed with Taiwan’s financial regulator, the Financial Supervisory Commission (“FSC”), designed to increase the reach of Arizona’s FinTech Sandbox. In September, the Attorney General’s Office finalized a Memorandum of Understanding (MOU) with the FSC to establish a cooperation structure between Arizona’s program and the FSC’s program in Taiwan. The goal is to create an information-sharing arrangement between the regulators that may result in the opportunity for businesses to develop/test eligible FinTech (financial technology) products in both markets.
“As other jurisdictions create sandboxes, we hope cooperation between regulators will allow companies to ‘passport’ into other regulatory jurisdictions, which may allow participants to scale more quickly and have access to multiple markets,” said Attorney General Mark Brnovich. “FinTech is changing the financial services industry, and regulators need to catch up. Arizona has embraced this reality and is rapidly becoming a hub for innovation. Our sandbox is yet another tool for building an economy that well-positions our state for the future."
"I'm excited to see Arizona's FinTech Sandbox taking shape so quickly, said Representative Jeff Weninger, sponsor of the legislation. "Arizona is clearly setting itself out as a leader in attracting innovation and economic development."
General Brnovich added, “I'd like to thank the Arizona Commerce Authority, the Greater Phoenix Economic Council, the Arizona Chamber of Commerce, and all of our other partners who have helped spread the word about Arizona's FinTech program and encourage economic investment in our state."
Arizona’s FinTech Sandbox is the first regulatory sandbox in the United States. The program, launched in August, eases regulatory burdens for entrepreneurs to test innovative FinTech products and services while remaining subject to Arizona’s consumer protection laws. Currently, the Attorney General’s Office is evaluating several other applications from established businesses and startups that cover a diverse variety of money transmission and lending products.