A new governing body hopes to prepare the fintech industry for both market and regulatory demands.
The FinTech Technical Advisory Group (TAG) was established by the International Standards Organization Financial Services Committee to serve as an advisory sounding board and a platform on the need for global data and technology standards. It is developing a proactive relationship with financial institutions, regulators, supply chain participants and fintech companies.
The objectives are:
- Working with fintech communities, including public sector bodies, and the ISO to fill gaps and educate;
- Promoting the adoption and implementation of consistent standards;
- Addressing common issues collectively and consistently; and
- Encouraging strong and open communication and the sharing of information concerning financial services standards.
“We look forward to helping the industry take this huge step forward as we provide the platform for the collaboration of internationally renowned experts in innovative areas such as identity solutions and exchange of regulatory data,” Mr. Wolf and Mr. Cliff said in a joint statement.
“At this important juncture where public and private sectors realize the importance of common standards for business as well as regulation, I’m delighted to be able to support this global initiative of top experts,” Mr. Di Giammarino added.