In an official statement, the U.S. Federal Deposit Insurance Corporation (FDIC) published a job offer for the position of “FinTech Counsel” in new technologies, such as blockchain.
The interest in the development of new technologies, such as blockchain, is something that is gaining more and more strength. Now, the Federal Deposit Insurance Corporation of the United States, known by its acronym in English as FDIC, published a job offer for the position of technical advisor “FinTech Counsel” for the entity. According to the job offer, this advisor must fulfill the functions of “provide advice and assistance in relation to legal aspects arising from new digital technologies”.
US citizens who wish to apply for the job offer must have experience in the technology sector, especially in the area of financial technology and blockchain. As the job offer explains, this position is directly related to the Legal Division, the Office of the General Counsel, the Financial Technology and Innovation Group (FTIG), and the FinTech Innovation Team (FIT) of the Federal Deposit Insurance Corporation. This government entity is responsible for insuring bank deposits, in addition to helping maintain the solvency of the US banking system and protecting the money supply, in case financial institutions fail.
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FinTech Counsel Functions
The main function of this advisor is to support the entity in all matters related to the application of regulations, standards and legal considerations to the FinTech industry, especially within the banking sector; in internal matters of the institution related to the acquisition, implementation and use of new technologies; the application of the United States securities laws; the implementation of standards and regulatory frameworks for international and foreign financial services, among others.
The entity's statement also places special emphasis on the fact that the person who occupies the vacant position must professionally handle digital solutions that integrate customer-facing banking operations, front-end and FinTech products and those based on blockchain technology, such as blockchain settlement systems and distributed ledger technology (DLT), smart contracts (smart contracts), payment, clearing and settlement systems, cloud computing services, services based on Artificial Intelligence and machine learning, Big Data, and other disruptive technologies. In short, the functions of this FinTech advisor are aimed at meeting all the entity's needs in terms of interpretation of the legislation applicable to the industry, data and information analysis, supervision and drafting of detailed reports on new technologies, digital systems and applications and other products.
Promoting the adoption of new technologies
The FDIC has a technology innovation group, established in 2018 under the name of the Financial Services Committee's Financial Technology Working Group, which is focused on promoting the adoption of new technologies, such as blockchain, within the financial and banking sector. According to the entity, this technology represents an efficient and innovative solution for the expansion of financial and banking services to all sectors of society. The entity states that blockchain technology has the potential to develop new innovative, accessible and easy-to-use financial products in unbanked sectors, or where access to the traditional financial system is quite difficult.
This government entity supports innovation and technological development, as they have the potential to change the way in which banking and financial entities meet the needs of their clients and users, introducing new products and services, facilitating access, improving regulatory processes and guaranteeing the supervision of entities to contribute to the security and soundness of their services.
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