Some of the largest tech companies in the world have teamed up to make sure politicians don’t mess things up when it comes to tech disruption in the financial services sector.
Google, Amazon, Apple and PayPal have teamed up to create Financial Innovation Now, a new US advocacy group aiming to lobby political debate on issues new technologies, cybersecurity, real-time payments and online lending.
The companies are usually fierce rivals but with likes of Apple Pay and Google Wallet, they all have a shared interest in ensuring regulations are loosened around fintech.
Financial Innovation Now executive director Brian Peters says it’s about making sure policymakers “understand how new technologies can help solve today’s policy challenges”.
“Innovation is coming to financial services, and now is the time for Washington to help enable a modern financial system that is more accessible, affordable and secure,” Peters says.
“This alliance of remarkably innovative companies brings a new voice to Washington’s financial conversations, and we look forward to engaging on a wide range of opportunities.”
Investors are also backing the fintech revolution, with startups in the industry attracting $US12 billion in investments last year, according to CB Insights.