The American Fintech Council (AFC) has joined forces with Alloy Labs to develop and promote responsible innovation, industry best practices and sound regulatory framework for the future of finance.
Alloy Labs focuses on building industry best practices, benchmarks and tools for banks partnering with fintechs or acting as banking-as-a-service (BaaS) providers.
The new partnership will include standard setting, joint advocacy, thought leadership, educational and training opportunities to strengthen fintech industry.
Phil Goldfeder, CEO of the American Fintech Council, expressed his admiration for Alloy Labs’ efforts in developing business solutions that set standards and propel the future of finance.
“Alloy Labs has worked tirelessly to develop pragmatic business solutions to create standards and propel the future of finance,” said Goldfeder. “As a trade association built on the foundation of responsible innovation and standards, AFC is uniquely positioned to complement the work of Alloy Labs by utilising their data and work to pursue policies and regulatory guardrails that ensure the safe evolution of financial services.”
He said: “We share a mission to advance responsible innovation that promotes inclusion and consumer protection while creating new sources of value for all constituents. Our complementary activities and areas of cooperation will accelerate our ability to help mature the industry more quickly than we could affect individually.”
As strategic partners, the pair will align their collective efforts to best serve their membership as well as their shared vision. This collaborative approach also aims to strike a balance between consumer access, regulatory compliance and consumer protection.