Date 11/02/2021 The United States Department of the Treasury hosted its inaugural U.S. Financial Sector Innovation Policy Roundtable on February 9 and 10. The Roundtable brought together policymakers and regulators with experts from the private sector to exchange views for collaborating on policy issues and innovative technologies that support global financial integrity, while fostering economic recovery, competitiveness, and financial inclusion.
At the event, participants focused on how innovations like interoperable, privacy-preserving digital identity solutions, and more effective anti-money laundering and anti-fraud mechanisms, can provide value to financial services companies and their customers by eliminating redundancies, reducing costs, combating illicit use, and promoting financial inclusion in an increasingly digital world. Participants also addressed policy and regulatory approaches to promote responsible innovation in the financial sector, as well as the role of international organizations and cooperative events, such as Innovation Hubs and Tech Sprints, to support financial products and services for consumers (FinTech), regulatory compliance solutions for financial institutions (RegTech), and new tools for financial sector supervision and examination (SupTech). In addition, participants discussed how governments across the world can work domestically and cooperate internationally to develop and implement new financial and regulatory tools in the era of digital finance, and drive adoption of trustworthy and cutting-edge digital identity solutions to combat money laundering and the financing of terrorism and other crimes.