New Arizona Financial Tech Law Helps Foreign Partnerships
MEXICO CITY — Financial technologies, or “fintech,” are becoming more relevant to our everyday lives as their services expand directly to consumers. Arizona recently approved a law to facilitate the growth of fintech industries in the state, and the Greater Phoenix Economic Council wants to help foreign companies take advantage of it.
The recently approved law in Arizona is one of the first of its kind. It allows fintech companies to test its products for two years on up to 10,000 potential consumers.
Ruth Soberanes is the director of trade and investment at the Greater Phoenix Economic Council, or G-PEC. She visited Mexico City as part of the organization’s mission to hunt for fintech companies around the world.
“The law essentially allows for companies, both domestic and international in the fintech space, to participate in this program,” Soberanes said.
The G-PEC representative explained they want to attract young companies based in strong financial hubs, like the U.K. and Mexico. She said that as these fintech companies grow, the state’s economy grows, including jobs.