CCG Catalyst, a Phoenix-based bank and fintech consulting firm, launched the Arizona Fintech Council in partnership with the Arizona Banking Association, the trade association of community banks and state financial services companies.
The newly formed fintech board will work to bring promising fintech companies to Arizona’s “Fintech Sandbox” – which alleviates the regulatory burden by having no domicile restrictions for financial institutions and fintech applicants.
“The unique nature of our state’s fintech sandbox law and our relationship with CCG Catalyst’s national advisory office enables us to maximize this economic development opportunity to bring these transformative companies to Arizona,” said Paul Hickman, Arizona President and CEO. Association of Bankers.
The board will help financial institutions and fintechs connect with each other, assess startups’ readiness to collaborate on new products and services, and create proofs of concept.
Participating banks and financial services firms will have the opportunity to partner with, invest in or acquire participating fintechs.
In addition to the Arizona Banking Association member banks, the board will also include selected outside financial institutions, as well as stakeholders from government and academia.
Arizona State University, for example, will partner with the board to help its students network with financial services companies.
Other organizations, such as the Arizona Commerce Authority and the Arizona Technology Council, will also continue their efforts to attract fintechs to the state.
“Under Governor Ducey’s leadership, Arizona was the first state in the country to implement a fintech sandbox program, demonstrating our commitment to embrace emerging technologies that will shape our future,” said Sandra Watson, President – Managing Director of the Arizona Commerce Authority. “The Arizona Fintech Council will strengthen our state’s reputation as a hub for innovation in the financial services industry, and the ACA is proud to be a part of the effort alongside our partners statewide.” . “
The Arizona Fintech Council will also host regular summits, where fintechs selected by CCG Catalyst recommendation will present their ideas to financial institutions. The fintech program will be led and managed by Scarlett Sieber, director of strategy and innovation at CCG, and Miranda Jenkins, director of operations.
“The combination of banking and fintech is a natural progression within the industry and CCG Catalyst is thrilled to be a part of this evolution,” said Paul Schaus, President and CEO of CCG Catalyst.
CCG Catalyst helps banks, fintechs and credit unions improve their performance with strategy, operations, technology and M&A offerings. The firm has more than 30 professionals in its offices in Phoenix, New York, London and Singapore.