Fintech
Division of Corporation Finance Director Bill Hinman Announces Intention to Conclude His Tenure Later This Year
Washington, D.C.–(Newsfile Corp. – October 27, 2020) – The Securities and Exchange Commission today announced that William H. Hinman, Director of the SEC’s Division of Corporation Finance, plans to leave the SEC later this year.
Since joining the SEC in May 2017, Mr. Hinman led the Division’s work on a wide range of issues critical to the interests of Main Street investors, small businesses and our markets. In particular, under Mr. Hinman’s leadership, the Division advanced nearly 50 mission-oriented initiatives, including efforts to modernize, streamline and improve public company disclosures, the proxy process and the securities offering framework. Mr. Hinman also guided the Division and the agency in addressing emerging issues and providing timely guidance to market participants. For example, Mr. Hinman led efforts regarding the rapid innovation in digital assets, including by providing a framework that market participants could use to evaluate whether digital assets are offered and sold as securities. In addition to these proactive engagement and modernization efforts, Mr. Hinman’s oversight of the Division’s core functions, including the disclosure review program, addressed a number of novel and complex issues leading to substantial benefits for investors.
“Bill’s leadership, expertise and commitment to our mission have benefited America’s investors tremendously. Whether through his work strengthening and increasing access to our public and private markets, modernizing disclosure requirements to reflect current drivers of value and risk, or responding to the onset of the global pandemic, Bill and his team in Corporation Finance have greatly improved our regulatory framework for investors as well as small, growing and established businesses,” said SEC Chairman Jay Clayton. “Bill is universally respected, both by his agency colleagues and by market participants and practitioners, and I’ve been fortunate to have him as a core member of the SEC leadership team these past several years.”
Mr. Hinman said “It has been an honor to work at the agency under Chairman Clayton’s leadership. And it has been an incredible privilege to work alongside the dedicated and talented staff of the Division of Corporation Finance whose professionalism, expertise and commitment to public service has been always evident and even more apparent in the extraordinary way the Division responded to the challenge of working remotely for the past eight months. Leading Corp Fin has been the highlight of my career.”
Mr. Hinman directed the Division’s initiatives in a number of significant areas:
Modernizing the offering process and enhancing investor protections
Throughout his tenure, Mr. Hinman remained focused on modernizing the offering process, including through addressing regulatory impediments in the registered offering process, while maintaining or enhancing investor protections. Mr. Hinman led the Commission’s work to extend to all companies the JOBS Act’s “test-the-waters” accommodation previously available only to emerging growth companies. Under Mr. Hinman’s leadership, the Division also expanded its policies to permit non-public review of all initial public offerings, as well as certain other offerings, and extended Division policies relating to the content of financial information that must be included in draft registration statements. As a result of the expansion of the non-public review process, the amount of time that it has taken for issuers to price their offerings after publicly posting their registration statements has dropped significantly.
Mr. Hinman’s leadership was critical to the Division’s efforts to simplify, harmonize and modernize the exempt offering framework to close the gaps that may impede access to capital for smaller companies, again while preserving important investor protections. Mr. Hinman also led the Commission’s work to revise conditions to investor participation in private offerings, moving away from income or wealth as the singular qualification for participation and recognizing that professional knowledge, experience or certification are suitable measures of financial acumen in today’s markets.
Improving disclosures to investors while reducing unnecessary compliance costs
Mr. Hinman led several initiatives designed to enhance the information available to investors, including through modernizing and updating the Commission’s disclosure requirements while reducing compliance costs where appropriate. These efforts included appropriately tailoring public company regulatory requirements for smaller issuers, including by updating the Commission’s smaller reporting company and accelerated and large accelerated filer definitions.
Mr. Hinman has been steadfast in his efforts to use the Commission’s principles-based disclosure approach to improve disclosures available to investors, including by updating description of business requirements to provide for disclosures that are tailored to companies’ particular facts and circumstances. Mr. Hinman also oversaw the Commission’s efforts to amend “Management’s Discussion and Analysis” disclosures – amendments designed to modernize and enhance investor understanding while reducing company compliance efforts and costs. In addition, under Mr. Hinman’s leadership the Division issued guidance concerning the disclosure of self-identified board diversity characteristics and, more broadly, how boards implement any policies they follow with regard to the consideration of diversity in identifying director nominees.
Mr. Hinman also led the Division’s initiatives to update a range of rules relating to required financial information. These initiatives resulted in rule changes that streamlined the financial disclosure requirements in registered debt offerings, thereby promoting the ability of more debt offerings to be conducted on a registered (rather than unregistered) basis, as well as rules that simplify and improve financial disclosures about the acquisition and disposition of businesses.
Providing guidance on emerging issues
During Mr. Hinman’s tenure, the Division issued guidance on a number of emerging issues. For example, Mr. Hinman directed the Division’s monitoring of disclosure risks presented by companies operating in China, the pending replacement of LIBOR as a reference rate and the United Kingdom’s exit from the European Union (Brexit). In addition, under Mr. Hinman’s leadership, the Division led efforts to update issuer guidance related to the disclosure of cybersecurity risks and incidents. Mr. Hinman also oversaw the Commission’s response to a number of the issues that arose from the rapid innovation in digital assets, including leading the creation of the Strategic Hub for Innovation and Financial Technology, or FinHub, to engage with fintech industry participants and the development of a framework to assist market participants as they analyze whether a digital asset is offered and sold as a security subject to the federal securities laws.
In response to COVID-19 and resulting business and market disruptions, the Division published timely guidance on disclosure obligations companies should consider as they faced financial reporting challenges. In addition, Mr. Hinman joined Chairman Clayton in providing guidance to companies as they engaged in good faith attempts to provide appropriately framed forward-looking information to investors.
Under Mr. Hinman’s leadership, the Division also increased its focus on evolving and alternative offering structures, including direct listings, and enhanced its collaboration with market participants to address these issues. This increased focus and collaboration also included a range of important topics relating to business practices and corporate governance.
Modernizing and updating the proxy process
Mr. Hinman led the Division’s ongoing efforts to modernize and improve the efficiency and integrity of the proxy process. The Division’s work led to Commission rule changes designed to ensure that clients of proxy voting advice businesses receive more transparent, accurate and complete information as they make voting decisions. The Division’s work also led to rule changes to align the interests of shareholder-proponents and their fellow shareholders by updating the ownership and resubmission thresholds for inclusion of a shareholder proposal in a company’s proxy materials.
Prior to joining the SEC in May 2017, Mr. Hinman was a senior partner in the Silicon Valley office of Simpson Thacher & Bartlett LLP where he was a recognized leader in advising public and private companies in corporate finance matters. Prior to joining Simpson Thacher, Mr. Hinman was the managing partner of Shearman & Sterling’s San Francisco and Menlo Park offices. He received his B.A. from Michigan State University with honors and his J.D. from Cornell University Law School where he has a member of the Editorial Board of the Cornell Law Review. He is a member of the Bar Association of the State of California and the Association of the Bar of the City of New York. Mr. Hinman is also a fellow of the American Bar Foundation.
Upon Mr. Hinman’s departure, Shelley Parratt will serve as Acting Director of the Division of Corporation Finance. She currently serves as Deputy Director of the Division. Michele Anderson, currently Associate Director in the Division, will serve as Acting Deputy Director.
The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.
Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion
Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.
By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.
Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.
Source: Fintech Futures.
Juniper Research Highlights 2025’s Payment Trends
Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.
The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.
Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.
Source: Juniper Research.
MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets
MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.
MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.
Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.
Source: MeaWallet News.
Nucleus Security Among Deloitte’s Fastest-Growing Companies
Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.
With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.
Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.
Source: PR Newswire.
OpenYield Secures Funding to Transform the Bond Market
OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.
This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.
Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.
Source: PR Newswire.
Key Takeaways: Shaping the Future of Fintech
Today’s developments underscore several critical themes in the fintech landscape:
- Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
- Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
- Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
- Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
- Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.
The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.
As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.
Finastra Data Breach: A Wake-Up Call for Fintech Security
Source: KrebsOnSecurity
The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.
Implications and Challenges
While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.
The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.
Future Considerations
This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.
PayPal Resurrects Money Pooling Feature
Source: TechCrunch
In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.
Strategic Revival
This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.
Broader Industry Impacts
Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.
While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.
Santander Expands Fintech Reach in Mexico
Source: Yahoo Finance
Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.
Strategic Significance
Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.
Challenges on the Horizon
While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.
2024 Global Fintech Awards: Spotlighting Excellence
Source: PRNewswire
Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.
Recognizing Industry Leaders
Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.
What It Means for the Ecosystem
The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.
Commonwealth Central Credit Union Partners with Jack Henry
Source: FinTech Futures
Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.
Modernizing Member Experiences
Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.
A Growing Trend
This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.
Key Takeaways for the Fintech Industry
- Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
- Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
- Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
- Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
- Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.
The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.
The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.
Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone
Source: Revolut
Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.
Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.
This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.
PayTech Awards 2025: Celebrating Excellence in Innovation
Source: FinTech Futures
The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.
This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.
As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.
U.S. Politics and the Fintech Sector: A New Era of Funding?
Source: American Banker
The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.
While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.
A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.
Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy
Source: FF News
Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.
The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.
This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.
Autire: Accounting Tech of the Year at US FinTech Awards
Source: Business Wire
Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.
Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.
The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.
Final Thoughts: A Fintech Revolution in Full Swing
From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.
The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.
The post Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech appeared first on .
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