{% set baseFontFamily = "Lato" %} /* Add the font family you wish to use. You may need to import it above. */

{% set headerFontFamily = "Lato" %} /* This affects only headers on the site. Add the font family you wish to use. You may need to import it above. */

{% set textColor = "#565656" %} /* This sets the universal color of dark text on the site */

{% set pageCenter = "1100px" %} /* This sets the width of the website */

{% set headerType = "fixed" %} /* To make this a fixed header, change the value to "fixed" - otherwise, set it to "static" */

{% set lightGreyColor = "#f7f7f7" %} /* This affects all grey background sections */

{% set baseFontWeight = "normal" %} /* More than likely, you will use one of these values (higher = bolder): 300, 400, 700, 900 */

{% set headerFontWeight = "normal" %} /* For Headers; More than likely, you will use one of these values (higher = bolder): 300, 400, 700, 900 */

{% set buttonRadius = '10px' %} /* "0" for square edges, "10px" for rounded edges, "40px" for pill shape; This will change all buttons */

After you have updated your stylesheet, make sure you turn this module off

Top Fintech Influencers Shaping Global Fintech Markets

by InnReg

The advent of fintech has automated and enhanced using financial services to assist companies, business owners, and consumers in effectively managing their financial operations and processes. Top fintech influencers and businesses in global fintech markets have considerably boosted access to financial services, particularly for underserved or unbanked people, as evidenced by fintech businesses servicing Latin America, Asia, and Africa. 

According to McKinsey, revenue in the global fintech industry is predicted to expand nearly three times faster than global conventional banking revenue between 2023 and 2028. For example, 46% of Brazil’s adult population uses a Latin American fintech called Nubank, which doubled its users in the past two years. Similarly, Southeast Asia continues to be one of the most desirable regional markets for fintech, driven by robust economic growth, increasing digital adoption, and a dynamic landscape that attracts innovative financial technology solutions. According to an S&P Global Market Intelligence report, fintech is transitioning from a collection of stand-alone products and services aimed at end-consumers to an infrastructure layer on which current businesses can build.

As fintech companies continue to expand across the world, cities such as New York City and Singapore are emerging as vibrant hubs due to their supportive regulatory environment and growing local fintech communities. This article looks at several top fintech sector regulatory influencers, focusing on prominent leaders who are guiding and shaping the future of fintech towards transformative financial innovation.


Who Are the Top Fintech Influencers to Follow?

At the forefront of the fintech revolution, fintech thought leaders have propelled the global fintech industry into new dimensions through their regulatory frameworks, vision, expertise, and entrepreneurial spirit. These top fintech influencers not only shape the industry but also chair regulatory bodies and hold leadership positions in prominent financial institutions.

The deep expertise of these influencers ensures businesses stay ahead of compliance nuances, facilitating informed decision-making and promoting innovative financial technology solutions that align with regulatory requirements. From a regulatory perspective, top fintech influencers foster a community where policymakers engage in meaningful discussions and collectively contribute to creating regulatory policies that support the growth and sustainability of fintech enterprises.


Top Regulatory Fintech Influencers Guiding the Fintech Industry in the US

These regulatory leaders are critical for the future of fintech, as organizations such as the SEC, FINRA, and other agencies directly impact the regulatory environment. The scope of their responsibilities extend beyond simple governance; they propel financial technology trends into the future, while infusing regulatory frameworks with ever-evolving elements of innovation. 

 

US Securities and Exchange Commission (SEC)

SEC

The US Securities and Exchange Commission (SEC) wields regulatory authority that profoundly impacts the United States financial technology landscape. The SEC oversees and regulates several business areas, including token offerings, digital securities, crowdfunding platforms, and digital asset exchanges, focusing on investor safety. Its enforcement efforts aim to prevent fraudulent activity in the fintech sector and promote market integrity and transparency.

The SEC promotes responsible innovation while remaining watchful against potential risks by regulating digital asset exchanges and participating in discussions on developing technology. The SEC is critical to establishing policies that reflect the changing convergence of technology and finance in the United States, negotiating the delicate balance between supporting fintech growth and protecting market participants. The SEC is led by Gary Gensler, who has expertise in blockchain technology, digital currencies, financial technology, and public policy.

The SEC has adopted a stance on information security risk, crypto assets, and risks associated with emerging technologies concerning broker-dealer houses and registered investment advisors (RIA).

Follow SEC on X/Twitter (over 538,700 followers)
Follow Gary Gensler, Chairperson of SEC on X/Twitter (over 305,000 followers)

Gary_Gensler,_SEC_Chair

Source: Wikipedia

 

Consumer Financial Protection Bureau (CFPB)

CFPB

The Consumer Financial Protection Bureau (CFPB) can launch enforcement actions against Big Tech and other non-bank companies over consumer financial issues. The agency now seeks to empower its examiners to conduct more thorough investigations of those businesses.

The Consumer Financial Protection Act authorizes the CFPB to conduct supervisory examinations over all non-bank companies in the mortgage, payday loan, and private student loan industries, as well as service providers to banks and credit unions.

Under a new proposal, the CFPB can supervise larger non-bank enterprises that provide services such as digital wallets and payment apps. It seeks to ensure that US consumer protection rules are enforced in a burgeoning sector where millions of consumers transfer funds and conduct retail payment transactions.

On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) released new guidance concerning lenders' responsibilities under the Equal Credit Opportunity Act (ECOA) and Regulation B when employing artificial intelligence (AI) or advanced algorithms in credit assessments. The key message of the guidance is that lenders must not only utilize AI but also comprehend how it learns, processes data, and makes decisions. The CFPB emphasizes that lenders cannot solely rely on the CFPB's model forms for adverse action notifications, particularly when intricate algorithms or AI are involved.

Follow CFPB on X/Twitter (over 105,200 followers)
Follow Rohit Chopra, Director of CFPB on X/Twitter (over 15,500 followers)

Rohit_Chopra_FTC

Source: Wikipedia

 

Financial Industry Regulatory Authority (FINRA)

FINRA has been closely monitoring fintech industry innovations in the securities business sector. It sets forth laws and regulations to ensure fair and transparent financial industry practices, affecting both traditional financial institutions and fintech firms.

FINRA's regulatory structure aims to preserve market integrity while encouraging technological innovation in financial services. FINRA is actively exploring emerging areas in fintech that will significantly impact the securities industry. These areas include RegTech (Regulatory Technology), artificial intelligence, and social media sentiment investing. RegTech, a subset of fintech, involves using new technologies to help the financial services industry meet regulatory compliance obligations more efficiently and cost-effectively.

The securities industry is considering various RegTech applications, such as compliance monitoring and fraud prevention, data management (including access, storage, and reporting), and the identification and interpretation of regulations.

Follow FINRA on X/Twitter (over 58,800 followers)
Follow Robert Cook, President/CEO of FINRA on LinkedIn (over 2,565 followers)

Robert_Cook_FINRA

Source: LinkedIn


Top Fintech Influencers Driving the Fintech Industry Forward Around the World

A plethora of influencers play crucial roles in moving the fintech sector forward on an international scale in the continually expanding field of financial technology.

This section delves into top fintech influencers outside the US who have influenced fintech development.

 

Ron Kalifa

Former Worldpay CEO Ron Kalifa is a key expert in the UK fintech landscape. As the UK government's Fintech Envoy, Kalifa plays a critical role in promoting the growth of the country's fintech sector. His impact ranges from traditional financial institutions to young entrepreneurs, cultivating an environment that fosters innovation and collaboration.

Ron Kalifa led an independent strategic review of UK fintech with a five-point strategy to guarantee that the UK maintains its position as a worldwide fintech leader.

He advocated modifications such as permitting dual-class share structures to help founders retain more control of their companies following an IPO. The government and financial regulators have taken steps to address some of his concerns.

Kalifa was also instrumental in the establishment of the Centre for Finance, Innovation, and Technology in February. This will foster collaboration between industry, academia, and policymakers in the fintech sector.

Follow Worldpay on X/Twitter (over 22,600 followers)
Follow Ron Kalifa on LinkedIn (over 8,100 followers)

Ron_Kalifa

Source: LinkedIn

 

Nameer Khan

Nameer Khan, recognized as one of the Middle East's 20 Top fintech influencers and Chairman of the MENA Fintech Association, strategically collaborates with regional regulators and central banks to establish a robust fintech framework.

As an advisor to top-tier banks, he has led AI and digital transformation programs for leading financial centers, showcasing expertise in growth hacking, digital strategy development, and commercial model definition. Notably, the Central Bank of UAE and Abu Dhabi Global Market honored him as MENA's Future Fintech Leader.

Led by Nameer Khan, the MENA Fintech Association collaborates with the private sector and regulatory authorities to address various issues under existing legal and regulatory frameworks relevant to fintech. Their goal is to advance conducive regulatory environments that help develop various fintech sub-verticals.

The MENA Fintech Association is committed to serving as a prominent body in guiding the evolution of fintech legislation across the MENA (Middle East and North Africa) region through the Policy & Regulations Working Group.

Follow Nameer Khan on LinkedIn (over 22,260 followers)

Nameer_Khan

Source: Fintech Finance News


Follow the Insights of Top Fintech Influencers and Leaders

As these top fintech influencers continue to define the sector, their aggregate impact transcends boundaries, influencing global trends and setting the benchmark for fintech’s future.

These regulatory bodies and individuals demonstrate the essence of fintech's transformational potential, from adjusting to technological developments to building an environment that supports responsible innovation. Their impact endorses the view that, in the dynamic field of fintech, individuals are not only influencers but architects of finance's future.

 

The Author

InnReg is a global regulatory compliance and operations consulting team serving financial services companies since 2013. We also help launch and scale fintechs with innovative compliance strategies and cost-effective managed services, assisted by scalable RegTech solutions.

Topics: Global Fintech


Interested in Global Fintech Compliance Topics? Read Our Latest Popular Research and Analysis by our Experts Around the World:

Stay on Top of Changing Fintech Compliance & Innovation Strategies