The Office of the Comptroller of the Currency (OCC) in Washington, DC has released an update on how its representatives will host Fintech Solution Week.

According to a newsroom update by OCC, two days of virtual Innovation Hours will be organized in December 2022 beginning on the 14th and closing on the 15th. The purpose of the meeting will be to stimulate and promote new ideas in the industry. federal bank.

Any interested parties are expected to register for a session on November 18, 2022. They will be asked to submit any topic that is of interest to them in relation to the financial service and digital ecosystem. Thereafter, the OCC will follow up with you with the details of the meeting time and dates after accepting your request.

OCC further explained what office hours are about. According to the report, office hours are physical meetings that will be hosted by staff representing the OCC’s Office of Innovation.

These meetings are not expected to last more than an hour. The focus of these meetings will be to discuss Fintech solutions in the financial sector, a movement that can also take root of innovations related to cryptocurrencies and the blockchain.

New products and services in the financial industry will also be studied. In addition, alliances with other banks and Fintech corporations will also be studied.

OCC and the FinTech Industry

The Office Hours organized by the OCC is not the first attempt to promote the Fintech economy. In January, Michael J.Hsu also made comments about “the future of crypto assets and regulation.”

He believes that in the crypto space, stablecoins play an intermediary role between fiat currency 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 the rapid growth of decentralized finance (DeFi).

The OCC announced the launch of the Office of Financial Technology which will begin early next year. According to them, the creation of the office aims to bring innovation to the banking sector.

Acting Comptroller Michael J. Hsu made a statement that “the banking sector is changing rapidly and partnerships between banks and the FinTech industry are forecast 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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