Fintech
SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the Role
Washington, D.C.–(Newsfile Corp. – November 7, 2022) – The Securities and Exchange Commission today announced that Chief of Staff Prashant Yerramalli will leave the agency, effective Dec. 31, 2022. Amanda Fischer, currently Senior Counselor to Chair Gary Gensler, will be appointed Chief of Staff, effective upon Mr. Yerramalli’s departure.
“I have the deepest appreciation for Prashant. His counsel, judgment, and leadership have been invaluable to the agency and me,” said Chair Gensler. “He has a deep understanding of the capital markets and the SEC. He is a wonderful colleague who has earned the respect of everybody who has had an opportunity to work with him. Working with Prashant has been a joy, and his many contributions to the SEC have made our markets stronger.”
“Amanda has been one of my most trusted advisers both since joining the SEC and during the Biden-Harris transition,” Gensler added. “She is a remarkable talent with an exceptional background in policymaking from her time on Capitol Hill and at the agency. She has a firm grasp of complex regulatory issues in the capital markets. I’m delighted that she will be taking on this new role.”
Mr. Yerramalli has served as the SEC’s Chief of Staff since Jan. 20, 2021, initially under Acting Chair Allison Herren Lee and subsequently under Chair Gensler upon his swearing in on April 17, 2021. Mr. Yerramalli has served as one of Chair Gensler’s lead advisers and has worked with Commission staff on all aspects of the agency’s mission, including rulemaking and policy, enforcement, strategy, personnel, management, operations, communications, and legislative affairs. During his tenure as Chief of Staff, Mr. Yerramalli worked with Chair Gensler and agency staff as the SEC pursued a regulatory agenda to advance the interests of working families and to aggressively hold wrongdoers to account. He first joined the Commission in 2014 as an attorney in the Division of Enforcement and served in the Division’s Asset Management Unit. He later served as a senior counsel to former Commissioner Robert J. Jackson Jr., whom he advised on enforcement and rulemaking.
Outside of the SEC, Mr. Yerramalli held roles at Brookfield Asset Management, Jenner & Block, and WilmerHale. He began his career in public service as a law clerk to the Hon. Naomi Reice Buchwald in the Southern District of New York. He received a J.D. from Harvard Law School and an A.B. from Brown University.
“As my thousands of colleagues across the country know, the SEC is a special place, and it is a privilege to be a part of it,” Mr. Yerramalli said. “It has been an honor to work with Chair Gensler to lead the dedicated staff of this agency and to work with him and the other Commissioners to improve the financial futures of American families. I could not be more grateful for the opportunity that I have had to serve in this role, and I’m confident that the agency and the investing public will be well-served by Amanda when she takes over as Chief of Staff.”
Ms. Fischer has served as Senior Counselor to Chair Gensler since June 2021. She is one of Chair Gensler’s principal advisers, focused on rulemaking and interagency work. Immediately before joining the SEC, Ms. Fischer was the Policy Director at the Washington Center for Equitable Growth, a non-partisan research organization focused on economic policy. Earlier in her career, she worked for more than a decade on Capitol Hill in roles related to financial services policymaking, including as Chief of Staff for Congresswoman Katie Porter, Professional Staff on the Senate Committee on Banking, Housing and Urban Affairs, as a Policy Advisor for Sen. Catherine Cortez Masto, and as Deputy Staff Director for the House Committee on Financial Services. She graduated with bachelor’s degrees in business administration and public policy from the University at Buffalo and an M.A. in public policy from Georgetown University.
“I thank Prashant for his service to the SEC,” said Ms. Fischer. “I developed a deep respect for the Commission through my career working on investor protection and capital formation issues, and my respect for the staff has grown deeper in my time at the agency. I am honored that Chair Gensler has given me the opportunity to continue to work alongside the agency’s dedicated staff to support our mission.”
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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