Ava MontoyaPhoenix is growing as a hotbed for innovation in the nation and around the world. Chris Camacho, President & CEO of the Greater Phoenix Economic Council, recently traveled to Mexico City to speak with business leaders about Phoenix’s advancements specifically in the area of FinTech.
“FinTech,” which stands for Financial Technologies, refers to technology intended to facilitate banking and financial services. It presents a break from traditional modes of providing financial services, with the goal of incubating new business ventures.
Arizona is the first state in the nation to develop a regulatory sandbox program.
The FinTech sandbox allows startups, entrepreneurs and established companies to test innovative products, services and delivery mechanisms in the real market on a temporary basis without incurring the regulatory costs and burdens that would otherwise be imposed.
The sandbox program is under the authority of the Arizona Attorney General’s Office and provides considerable protections to consumers participating in the test market.
“Arizona has always been a state for big ideas and this is just one more place where we are trailblazing in entrepreneurship and innovation,” said Arizona Attorney General Mark Brnovich. He hopes to see this new legislation “serve a catalyst for capital investment in Arizona and provide opportunities for Arizona businesses and consumers to thrive.”
Other countries that successfully operate FinTech sandbox programs include the United Kingdom, Singapore, the United Arab of Emirates and Australia.
Camacho shared these policy advances with business leaders in Mexico, recognizing the Mexican business climate is ripe with cutting-edge opportunities and ideas for which Phoenix’s forward-thinking environment could be just the catalyst.
“As GPEC continues to enhance our region’s connectivity to the burgeoning innovation ecosystem in Mexico, leading strategic partnerships with organizations such as the Tecnológico de Monterrey, ProMéxico and INADEM, FinTech is another area of opportunity,” said Chris Camacho, president and CEO of Greater Phoenix Economic Council. For FinTech companies, entrepreneurs, and investors from Mexico looking to grow and scale their business in the United States, greater Phoenix offers a strategic advantage.”
Attendees were entrepreneurs and potential business partners who would benefit from Arizona’s openness to new tools designed to spur business growth. Camacho was not only there to discuss recent innovations, but to encourage new companies from Mexico to come to Phoenix, unleashing the potential of both economies.
His outreach also advanced two important Phoenix priorities: to grow as a home to pioneers of new technologies and to accelerate trade and economic collaboration with neighboring Mexico.
“With a thriving financial services sector… coupled with a pro-business regulatory scene, these FinTech companies can take advantage of a competitive U.S. market entry through Phoenix,” Camacho said.
Business leaders in Arizona routinely stress the point that a robust relationship with Mexico is crucial for Arizona’s long-term success. Aside from contributing to Arizona’s prosperity, this open-for-business mentality offers a tremendous opportunity for companies and entrepreneurs in Mexico to expand and maximize their potential.
Noemi Santaella
Joseph Kavetsky
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