Technology is a driving force in almost every aspect of commerce today. This is doubly so in the financial services industry, and West Virginia is establishing itself as a center for new, groundbreaking financial technology (fintech) companies to grow and prosper.
In the second half of 2020, West Virginia created a regulatory sandbox that enables organizations to test innovative financial products and services for two years without the need to obtain the required licenses or pay regulatory costs. Then, should the trial prove to be successful, the company can continue to operate in West Virginia under the normal licensing requirements.
The “sandbox” concept is a familiar one in the technology sector. Tech companies establish these testing environments, so computer code can be deployed and tested without risking live production environments or consumer information and data.