AZ among the few Fintech market protections

Thanks to Internet and smartphone applications, financial technology has made progress in global markets outside the US

A report by The Pew Charitable Trusts found that American consumers who use mobile banking apps and of payment, commonly known as fintech, still have

In Arizona, Attorney General Mark Brnovich is overseeing the nation's first financial technology sandbox, which allows companies to test new products without excessive regulatory burdens.

Companies wishing to participate must submit a request to the AG office to be considered.

"Our office would have access not only to its financial archives," explained Brnovich. "But they had to come to us for the approval process and a plan to make sure that consumers were not harmed and comply with all other applicable state laws."

In the report, Pew examined regulatory approaches to financial technology and highlighted federal efforts already underway in Hong Kong, Singapore and Australia.

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