The FinTech industry needs to be careful. VERY careful.
On June 10, 2016, the White House sponsored a White House FinTech Summit, where various companies and government entities met to discuss “how financial firms and start-ups are partnering with one another to create and scale innovation, as well as the important role of government in ensuring that these partnerships can reach their full potential.”
Noting the economic and fiscal behavior of recent administrations, such a meeting needs to be taken as a massive warning sign to the FinTech industry and those within seeking to engage in what is still a relatively new free-market concept that has operated well without the constraints and oversight of government intervention.
The Fintech industry – and individual companies – needs to ask itself several questions, about cooperating with the government.
Fintech companies, both individually and as a whole, need to look at the past couple decades of government involvement and take a broader look as to whether or not it is something that needs to happen. Certainly, there is going to be an inevitable amount of control and say that governments are going to want to have over any successful venture. FinTech is going to have to cooperate with the government to some degree – but will that cooperation mirror what large companies have done over the past years, or is it going to be something different.
by: Jeffery Hartman , Loan Sale Advisor
Fitzgerald Advisors, LLC
Locations:New York, Massachusetts, District of Columbia, New Jersey
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