"Fintech," or financial technologies, is a developing industry for Arizona.
A group called InvisionAZ was formed last year by the Arizona Chamber of Commerce and backed by Gov. Doug Ducey. Its purpose, in part, is to support use of financial technologies in the state. Proponents say it’s a way to grow the economy while decreasing regulation.
“So the idea is we bring more innovative financial products to the Arizona marketplace, but also allow for more capital to be had by small businesses, small business entrepreneurs that tend to have a hard time getting capital through traditional means,” said CEO John Ragan, who also said the group is behind proposed fintech legislation in the state.
House Bill 2434 from Rep. Jeff Weninger would make Arizona the first state in the country to create a fintech regulatory sandbox of sorts, reducing regulation on startups. The bill is in the state Senate awaiting review. Ragan said he’s been working with the Attorney General’s Office and legislators to push for government support of these priorities.
The next round of discussion on the topic taking place on March 22 in Phoenix.
