Fintech
Sagar Teotia to Conclude Tenure as SEC Chief Accountant
Washington, D.C.–(Newsfile Corp. – January 13, 2021) – The Securities and Exchange Commission today announced that Sagar Teotia, the Commission’s Chief Accountant, intends to leave the agency by the end of February after nearly six years of total public service.
As Chief Accountant, Mr. Teotia is the principal advisor to the Commission on accounting and auditing matters. He leads the SEC’s Office of the Chief Accountant (OCA), which works closely with domestic and international private-sector accounting and auditing standard-setting bodies, and consults with registrants, auditors, and other Commission staff regarding the application of accounting standards, auditing standards, and financial disclosure requirements. In addition, as Chief Accountant, Mr. Teotia is responsible for assisting the Commission with discharging its oversight of the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB).
Since July 2019, Mr. Teotia also has served as Co-Chair of the Monitoring Group, a group of international financial institutions and regulatory bodies committed to advancing the public interest in international auditing matters. Under Mr. Teotia’s co-leadership, the Monitoring Group in July 2020 published recommendations to significantly strengthen the international audit and ethics standard setting system and improve international audit quality.
Mr. Teotia was named as the SEC’s Chief Accountant in 2019 after previously serving as Deputy Chief Accountant. He also previously served as a professional accounting fellow in OCA.
“I greatly appreciate Sagar’s strong and accomplished leadership of OCA, including leading the office during the challenging COVID-19 environment,” said Acting SEC Chairman Elad Roisman. “Sagar’s judgment and expertise – developed with significant credibility and experience in both the public and private sectors – has been critical in allowing the Commission and OCA to advance a number of very consequential improvements to financial reporting and the auditing standards. These improvements have been effected both domestically and internationally, while always maintaining a commitment to investor protection.”
“It has been an absolute honor to work with so many talented professionals at the SEC,” said Mr. Teotia. “I am beyond thankful to Chairman Clayton and Acting Chairman Roisman for giving me this incredible opportunity to serve investors. In my time here, I have been consistently amazed at my colleagues in OCA whose tireless work has contributed so much to the overall financial reporting system and investor protection more broadly. I have been particularly impressed by their efforts during the COVID-19 environment where their work has helped to foster the orderly flow of high quality financial information to investors. Simply put, I am immensely proud of what we have achieved over the last few years, and I am forever grateful for my time at the Commission.”
Under Mr. Teotia’s leadership as Chief Accountant, OCA advanced accounting and auditing policy and improved investor protection on both the domestic and international levels. In addition to the Monitoring Group recommendations published in July 2020 described above, OCA’s many other accomplishments included, among others:
- OCA proactively worked to promote a strong financial reporting system during the unprecedented COVID-19 environment. As Chief Accountant, Mr. Teotia issued timely statements on April 3, 2020, June 23, 2020, and December 6, 2020, which emphasized the critical importance to investors of high quality financial reporting in light of the challenges of COVID-19. During this period of time, OCA performed extensive outreach to stakeholders and addressed numerous complex and emerging issues, all of which helped to address company-specific and system-wide issues and, most importantly, ensured that investors continued to receive high quality financial information on a timely basis.
- OCA led updates of the Commission’s auditor independence rules, finalized by the Commission on October 16, 2020, which modernized the application of the auditor independence rules to more effectively focus on areas that may threaten the objectivity and impartiality of auditors.
- OCA led the oversight and timely implementation of new standards in U.S. GAAP (e.g., leases), which represented significant improvements for investors. OCA was actively engaged via its preclearance consultation process and had proactive communications with the financial reporting system during these implementations.
- OCA significantly and consistently emphasized the importance of audit committees and their role in high quality financial reporting. For example, Chairman Clayton, Division of Corporation Finance Director Bill Hinman, and Mr. Teotia issued a statement on December 30, 2019 on the key role that audit committees play in the financial reporting ecosystem.
- In order to ensure OCA was providing transparent guidance and clear leadership to provide investors with high quality financial information, Mr. Teotia issued (or was part of) ten published speeches and statements while Chief Accountant. Three of these statements for example, emphasized the importance of audit quality in emerging markets and described meetings with audit firm representatives on those matters.
- Mr. Teotia engaged closely with the Board of Trustees of the Financial Accounting Foundation (FAF) (including FAF Chair Kathy Casey) in support of their important responsibility for the oversight, administration and finances of the FASB. Mr. Teotia also worked very closely with the current FASB Chair (Rich Jones) and the previous FASB Chair (Russ Golden) with the objective of providing high quality financial reporting and disclosure guidance.
- Mr. Teotia worked closely with the PCAOB Board and other leaders at the PCAOB. OCA consistently supported the PCAOB on its important work to drive improvements in audit quality, including the PCAOB’s continued proactive engagement with stakeholders and its other work on improving audit quality.
Mr. Teotia received a B.S. in accounting from the University of Illinois, Champaign-Urbana. He is licensed as a certified public accountant in Illinois.
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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