The Federal Reserve Bank of New York (New York Fed), as per recent reports, has set up an advisory group, calling in major stakeholders, decision-makers, senior-figures, and leaders in the banking sector and the fintech industry for a discussion on the emerging issues in the financial industry.
The advisory group, which comprises of top representatives and thought leaders from the financial technology space, will take part in a discussion on how new and emerging digital technologies and trends can be applied for the growth in the industry and what impact these technologies could have on the market. The discussion will also lament the key issues and hurdles that the industry is facing.
Speaking on this context, Kevin Stiroh, Executive Vice President and Head of the Supervision Group at New York Fed, says that the advisory group would depict a clearer picture to the bank of the rapidly evolving fintech landscape.
“The advisory group will also gather insights that may inform our interaction with market participants and institutions, our training and hiring efforts, and the application of innovative approaches for internal business use,” Kevin adds.
Furthermore, the group is planning on bringing together a diverse range of representatives and innovative minds from across the fintech industry on a rotating basis, including Lee Braine, chief technology officer at Barclays; TransferWise’s head of banking, Andrew Boyajian; and Google Cloud’s director of financial services, Ulku Rowe.