International FinTech startups are looking to the United States as a vast consumer and business market for their applications and services. Despite the difficulties posed by a dual regulatory system, in which multiple federal regulators join agencies in all 50 states, the wealth and size of the market beckons.
Expect state government agencies and legislators to move most quickly on providing regulatory clarity on FinTech regulation in the United States. U.S. federal regulatory agencies have initiated enforcement actions against some of the most egregious cryptocurrency investment practices and are watching the industry closely.
"Changing consumer preferences and behaviors are focused on ease of use, convenience, and immediacy of payment that can be obtained through the mobile channel," reports the Federal Reserve Bank of Boston in its most recent mobile payments study.
Yet the mobile experience in the mainstream of U.S. commerce hardly meets that ideal.
Chicago's FinTech development and investment reputation has been on the rise, and we're expecting big things in this city for 2018. Crain's Chicago Business suggests that Google is planning a major new center here, while city officials remain hopeful that it will make the first cut for Amazon's HQ2.
Well, what else?
There is other FinTech news in banking and payments, but capital markets got most of the FinTech attention in the last week.
Even my favorite noncrypto FinTech story ended with a crypto note. Nearly 200 people attended the initial meeting of Chicago's FinTech Women (FTW), "The Future of FinTech is Female."
"If the current financial industry is to remain relevant, it must brace for a FinTech-tonic shift of unprecedented proportions," writes Jim Marous in the Financial Brand. "FinTech carries awesome potential for creative disruption, and the financial industry—the very creators of money—must manage this global dash towards both disintermediation and demonetization."
Collaboration between banks and FinTech startups came to focus as financial media expanded on the need for collaboration, and a blockchain summit provided some cogent examples.
"Since 2016, there has been a significant move from banks fearing start-ups and start-ups wanting to disrupt banks, to start-ups and banks working together in harmony," writes Chris Skinner in "FinTech Collaboration."