Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted January 11, 2022

 

North Carolina is already a huge force in the financial-services industry with companies ranging from giants like Bank of America and Fidelity Investments to newcomers like Credit Karma and Robinhood Markets.

But many state leaders want it to become an even hotter spot for innovators seeking to test new products and services that would not otherwise be allowed under existing state regulations. That’s the basis for a new “regulatory sandbox” program for financial technology approved by state lawmakers and signed into law by Gov. Roy Cooper in October.

Participants in the program will benefit from temporary exemptions from regulations as approved by a new N.C. Innovation Council that includes representatives of the state’s banking and insurance commissioners, as well as industry leaders and experts. Members of the council were appointed in December, and supporters expect it’ll be up and running to accept applications in early 2022.

The bill doesn’t specify the types of companies that could take part or what types of rules might be relaxed. The definition in the legislation involves “a financial or insurance product or service utilizing new or emerging technology, including blockchain technology.”

 

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