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 financial and insurance industries are fully embracing the digital age via big data, artificial intelligence, machine learning, and other new disruptive technologies. In response, West Virginia is positioning itself to be the natural home of this new breed of entrepreneurs and companies by providing a “sandbox” for them to innovate and grow.