OCC issues update to organize virtual innovation office hours
The Office of the Comptroller of Currency (OCC) in Washington, DC has released an update on how Fintech Solutions Week will be organized by its representatives.
According to a newsroom update held by the OCC, two days of virtual innovation classes will be organized in December 2022, starting on the 14th and approaching the 15th. The purpose of the meeting will be to stimulate and promote new ideas in the federal banking sector.
All interested parties are expected to register for a session on 18 November 2022. They will be asked to submit any topic of interest to the financial service and digital ecosystem. The OCC will then follow up with them by providing them with details of meeting times and dates after accepting their request.
The OCC further explained what Office Hours is all about. According to the report, Office Hours are physical meetings that will be organized by staff representing the OCC Office of Innovation.
These meetings are expected to last no more than one hour. The focus of these meetings will be to discuss Fintech solutions in the financial sector, a move that may also involve crypto- and blockchain-related innovations.
New products and services in the financial industry must also be investigated. Furthermore, partnerships with other banks and Fintech companies will also be explored.
The OCC and the FinTech industry
The office hours organized by the OCC are not their first attempt to promote the Fintech economy. In January, Michael J.Hsu also commented on “the future of cryptoassets and regulation.”
He believes that in the crypto space, stablecoins act as an intermediary between fiat and crypto and act as a medium of exchange within crypto trading platforms. He also believed that they play an important role in promoting and supporting rapid growth in decentralized finance (DeFi).
The OCC announced the launch of the Office of Financial Technology which will begin early next year. According to them, the establishment of the office is aimed at bringing innovation to the banking sector.
Acting Comptroller Michael J. Hsu issued a statement that “the banking sector is rapidly changing and partnerships between banks and the FinTech industry have been predicted to grow in number and complexity.”
He further explained that the office will allow us to be more agile and promote responsible innovation, which is in line with our mission.
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