Verdigris Holdings Selected as Participant in Arizona FinTech Sandbox
PHOENIX, May 15, 2019 – Verdigris Holdings, Inc., the company bringing banking to the unbanked, is proud to announce its selection by the Arizona Attorney General as the latest company in the Arizona FinTech Sandbox.
Participation in the Sandbox means Verdigris will be able to pilot its technologies and programs with a group of real customers in need of our offerings, prior to obtaining full regulatory approval. Arizona’s first in the US program helps alleviate the regulatory and related time and financial burdens that often prevent financial technology companies from bringing solutions to market.
“Over 63 million Americans are unbanked or underbanked and as a result they have to overpay for standard banking services. At Verdigris we’re setting out to change that,” said Michael Coghlan, chief executive officer for Verdigris Holdings, Inc. “Thanks to the foresight of the Arizona Attorney General’s Office and the FinTech Sandbox program, we will be able to bring our platform to real customers - taking an important step to solve a significant problem for people not only in Arizona but across the United States.”
Through the unique regulatory environment provided by the FinTech Sandbox, Arizona allows approved entrepreneurs the ability to launch test products on a smaller scale without full licensing under state law. To participate, the Arizona Attorney General’s Office must determine that a company has a new technology that solves a real problem and delivers a benefit not otherwise being broadly met in the state. Additionally, approved companies must show detailed plans to test and monitor the product for the protection of local consumers.
With over 25% of US households having no or limited access to the regulated banking system, there is a desperate need to address this challenge, saving millions of customers hundreds of dollars every year. With the opportunity available through the Arizona FinTech Sandbox, Verdigris will be able to more quickly see product improvement, reach trial and realize the possibility to extend services to the people that need them most.
Verdigris Holdings is changing banking for the better. Over 63 million people in America have no or limited access to the regulated banking system. This causes them to pay triple what they should for substitute banking services. Verdigris is building a fresh solution – the combination of patented technology, industry expertise and a real, regulated bank to deliver simple transactional banking to unbanked people and the companies that serve them.
For more information visit: www.verdigrisholdings.com
For additional information on the Arizona Attorney General FinTech Sandbox visit: https://www.azag.gov/fintech/participants
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