Technology-enabled innovation in banking, asset management and insurance means customers now enjoy faster, cheaper, more transparent financial services than ever before.
As new entrants and incumbents provide these innovative services, they will define new ways of working which require clearly articulated and agreed standards. Anticipating both market and regulatory demands, the International Standards Organisation (ISO) Financial Services Committee (TC/68) today announced its new global committee, The FinTech Technical Advisory Group (TAG).
The group is establishing a proactive dialogue with financial institutions, their regulators, supply chain and FinTech companies. The group will act as an advisory sounding board providing a platform for a dialogue on the growing need for data and technology standards, required for secure global commerce. The FinTech TAG’s Objectives are to:
· Work with FinTech communities, including public sector bodies, and ISO to fill gaps and educate;
· Promote the adoption and implementation of consistent standards, where possible;
· Effectively address common issues collectively and consistently; and
· Encourage strong and open communication and the sharing of information concerning financial services standards.
New committee members are selected based on their expertise in emerging FinTech innovations and their extensive knowledge of global regulatory standards. The confirmed FinTech TAG leadership team is:
- Stephan Wolf, Co-Chair, CEO of the Global Legal Entity Identifier Foundation
- Nick Cliff, Co-Chair Head of emerging technology, APCA
- PJ Di Giammarino, Secretary, CEO JWG-IT Group.
Karla McKenna, Chair of ISO/TC 68, said, “ISO/TC 68 is very pleased to have strong, global leadership now confirmed for our new Technical Advisory Group. The TAG will benefit from participation and expertise from ISO/TC 68 members and liaisons, as well as from new stakeholders from the FinTech community from which the TAG currently is recruiting representation.”
Stephan Wolf and Nick Cliff agreed: “We look forward to helping the industry take this huge step forward as we provide the platform for the collaboration of internationally-renowned experts in innovative areas such as identity solutions and exchange of regulatory data.”
PJ Di Giammarino said: “At this important juncture where public and private sectors realise the importance of common standards for business as well as regulation, I’m delighted to be able to support this global initiative of top experts.”
The FinTech TAG’s priorities and plans will be discussed at the upcoming TC68 Plenary meeting which will take place in May in Rio.