The last spring was quite memorable for Arizona because it became the very first state in the United States of America to have a Fintech Sandbox which is similar to the successful program that was originally started in the United Kingdom.
Once the regulatory authorities in the United Kingdom have introduced their own Sandbox, many countries followed suit. According to the Arizona House Bill 2343, the Sandbox is allowed to be implemented by the Arizona Attorney General.
After the signing of the bill, Mark Brnovich who is the current attorney general said that they admit that the idea of a Fintech Sandbox is not unique but at the moment the federal government is taking its time to consider it at the Congress. Therefore, Arizona took it upon itself to launch its own to nurture big ideas in order to become a trailblazer in terms of innovations as well as entrepreneurship. He added that they are hoping that Arizona sandbox will be the driving force to increase capital investment in the state as well as to create more opportunities for business as well as consumers in Arizona.
As per the regulation of the Arizona Fintech Sandbox, startup companies will be given the chance to create their products and test them until they are deployed without getting formal licenses. This is only valid for two years and an extension of one-year if granted. Officials believe that AZ Fintech Sandbox will make it possible for companies to succeed given they have less compliance costs to cover while being guided by a set of regulations.
Arizona does not believe that they should move as slow as the Congress when it comes to welcoming innovation in the field of financial services. The truth is that the state is even searching beyond the borders of the state by organizing events to reach out to fintech leaders in the United Kingdom.
This September alone, there were a number of events wherein AZ Fintech Sandbox was launched in the tech city of London. There is no one as happy as Nadeem Shaikh Anthemis by the efforts made by Arizona in order to give startup companies the fighting chance they deserve in this rapidly growing industry.