Congressman Ben McAdams has been selected to serve on the Task Force on Financial Technology (FinTech), which is charged with looking at this exciting and fast-growing sector of the financial services industry and issuing reports and recommendations.
FinTech is the term used to refer to innovations in the financial and technology crossover space. It typically refers to companies or services that use technology to provide financial services to businesses or consumers.
“FinTech has been used for many of the newest technological developments, from payment apps like PayPal, or Venmo, to even cryptocurrency. Utah is seeing exciting growth from emerging industries such as financial technology lenders from Silicon Valley,” said McAdams. “I’m eager to participate on this task force to help support innovation and development of FinTech that provides consumers with additional financial tools and offers good-paying jobs.”
McAdams said that the Economic Development Corporation of Utah has found that the state’s financial industry has experienced employment growth of over 23 percent in the past five years. Utah has a trained workforce in financial services, software development and web development—all key occupations that help drive the talent pool for emerging FinTech companies to prosper in Utah.