On January 13, 2017, a week before the change in Administration, the Obama White House issued a white paper entitled “A Framework for FinTech” (“White Paper”). The White Paper highlights various financial technology (“FinTech”) initiatives that were taken by the previous Administration and lays out policy objectives and principles that the Obama White House thought should be considered by FinTech stakeholders in the government and the private sector.

The White Paper states that when working to grow FinTech—and financial services more broadly—the government and the private sector should focus on key policy objectives such as fostering innovation and entrepreneurship; promoting safe, affordable and fair access to capital; expanding financial inclusion; and identifying and mitigating potential systemic risks. In addition, the White Paper encourages regulators to develop their regulatory approach based on data-driven analysis and to design flexible and innovative regulatory tools. The White Paper cites the United Kingdom and Singapore as examples of countries that utilize innovative regulatory approaches to promote a globally competitive FinTech industry.