Pub. 11 2021 Issue 1

18 www.azbankers.org CCG Catalyst Consulting, Arizona Bankers Association Announce the Arizona Fintech Council The new initiative will connect fintechs across the world with U.S. financial institutions to drive product and service innovation. C CG CATALYST CONSULTING (CCG CATALYST) AND THE ARIZONA BANKERS ASSOCIATION (AzBA) have partnered to create the Arizona Fintech Council (AZFC) to spur economic growth in the state and bring viable and promising fintech compa - nies to Arizona’s Fintech Sandbox. “The unique nature of our state’s fintech sandbox law and our relationship with the national consultancy of CCG Catalyst put us in a position to maximize this economic development opportunity to bring these transformational companies to Arizona.” The council will initiate new opportuni - ties for member financial institutions and selected fintechs to connect, evaluate start - ups’ readiness to work hand in hand with financial institutions on innovative new products and services, and aid in arranging proofs of concept (PoCs) with participating financial institutions and fintechs in Arizo - na’s regulatory sandbox. “The unique nature of our state’s fintech sandbox law and our relationship with the national consultancy of CCG Catalyst put us in a position to maximize this economic development opportunity to bring these transformational companies to Arizona,” said Paul Hickman, president and chief executive officer (CEO) at the Arizona Bankers Association. The Fintech Council and the Arizona Sandbox are unique given there are no domicile restrictions on the financial insti - tutions or fintech applicants. The Arizona Fintech Sandbox eases regulatory burdens for fintechs while allowing them to partner with financial institutions testing inno - vative products and services. It is a great opportunity for new entrants, whether it be startups or established companies new to the U.S. marketplace. Participating financial institutions can enter prospective partnerships with, invest in or outright acquire participating fintech companies. Participants will include diverse insti- tutions of the AzBA, including member financial institutions of all sizes, ranging from community, regional, super-regional and financial institutions with more than $1 trillion in assets. Select institutions that are not AzBA Association members may also participate, and other stakeholders from government and academia will also join the council’s ranks. Leading Arizona organizations, including the Arizona Commerce Authority (ACA), Arizona Technology Council (AZTC), Greater Phoenix Economic Council (GPEC) and Sun Corridor, Inc. (SCI), will also work to entice fintechs to come to the state and help them partner with financial institutions.