Tech companies throwing their weight around Silicon Valley for decades, and now they are looking to set the agenda in the capital as well.
The display maturing relationship with the US Silicon Valley, five high-tech companies formed a group of propaganda insisting on the business-friendly regulations in the emerging market for financial services technology of fuel.
group known as the financial innovation now includes founding members of Google, Apple, Amazon, PayPal and Intuit.
“These five companies are going together, because innovation comes to financial services,” Brian Peters, executive director of the group, said Buzzfeed News. “And they believe that technological change will make these services more accessible, more affordable and more secure.”
If through products like Google Wallet, Amazon Payments, and Apple, Pay, purchase, like buying a PayPal launch mobile payments Venmo or investments as peer-to-peer lending outfit Lending Club Google, the founders of the Group all have share in the growing industry and its regulation.
“The goal here is to serve as the voice of the technology and innovators,” said Peters. “Because, frankly, banking policy talk in Washington was that the voice historically.”
The coalition does not pursue any specific laws or regulations, but in a statement noted several issues of interest, including the acceleration of the processing of bank transfers, access to credit small business, insists on open standards authentication systems, and encouraging the use of mobile applications and on the basis of banking services.
“Education will be our first work,” Peters said, referring to the main challenge to explain the group of legislators, their financial platform technologies work and what their customers are clamoring for. Financial innovation will now focus its advocacy work at the federal level, lobbying members of Congress and federal agencies.
“Coalition members believe in the power of technology to help solve some of the problems the country has faced since the financial crisis, both before and after,” said Peters.
“We believe that if you look at the amount of investment going to launch FinTech space, which is off the charts right now, there are a lot of really smart people working on these issues and technology will be the solution.”
Peters hopes that the group will draw on the discontent of young people to the traditional bank branches brick and mortar and confidence they have for klienta- friendly technology company. Financial innovation is now also seeking to push new mobile cloud and financial services, with an eye toward the tens of millions of “unbanked” US households do not have access to savings accounts and credit cards. “The company believes that the technology will help solve the problem of financial inclusion, which many politicians are focused on,” said Peters.
Peters is a member of the Franklin Square Group, Washington, DC, lobbying firm Technology
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