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June 28, 2016

Members appointed to state FinTech study committee

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Georgia is evolving in to one of the nation's leading epicenters for Financial Technologies, or FinTech.  In fact, the Technology Association of Georgia (TAG) reports in its 2016 State of the Industry analysis that FinTech added more than 7,000 net new jobs over the 2013 and 2014 time period.

Some more interesting facts:

  • Georgia FinTech companies have produced more than $83 billion of shareholder value since 1995
  • Georgia FinTech company revenues are more than $34 billion annually, which places us third in the nation behind New York and California
  • Together the banking, insurance and capital markets consistently spend more on technology than any other industry

What is FinTech exactly?

 

This business sector encompasses the product and service companies that support the technology needs of the financial services industry and, by extension, the payment-processing infrastructure of the U.S. and global economy.

Given the current economic impact and the potential future growth of the sector, Georgia policymakers are taking a closer look FinTech.  During the 2016 legislative session, lawmakers passed Senate Resolution 883 which establishes a joint study committee to examine challenges facing the industry, the state's competitiveness in attracting and retaining companies, and workforce availability.

House and Senate leaders recently named appointees to the Incentives for Financial Technologies and Payment Processing Study Committee.

 

Sen. Brandon Beach
Sen. Brandon Beach

 

Co-Chair, Senator Brandon Beach (R-Alpharetta), Chairman, Economic Development and Tourism Committee

Co-Chair, Rep. Ron Stephens (R- Savannah), Chairman, Economic Development Committee

Rep. Greg Morris (R-Vidalia), Chairman, Banks and Banking Committee

Rep. Bruce Williamson (R-Monroe), Member, Banks and Banking Committee

 

Rep. Ron Stephens
Rep. Ron Stephens

 

Senator Burt Jones (R-Jackson), Chairman, Banking and Financial Institutions Committee

Senator John Albers (R-Roswell), Member with expertise in Financial Technology

Chris Carr, Commissioner, Georgia Department of Economic Development (GDEcD)

Dawiet Zamadie, Director of Information Services, GDEcD

Information about the committee's activities can be found on the House and Senate websites.