The United States Office of the Comptroller of the Currency (OCC) announces the establishment of the new Office of Financial Technology on March 30.
According to a press release, its new Office of Innovation and Fintech, which the OCC announced in October last year to focus on technological developments in the banking and crypto industry, is set to be completed on April 10.
The new Office of Financial Technology has selected Mr. Prashant Bhardwaj as Deputy Comptroller and Chief Financial Technology Officer. Mr. Bhardwaj will head the office on April 10 after 30 years of work experience in various positions in the financial sector.
Being a new hire for the agency, Mr. Bhardwaj – who holds a master’s degree in Accounting and Business Administration – will lead the team “responsible for analysis, and discussion of relevant trends in financial technology, emerging and potential risks, and the potential implication for OCC supervision.”
With the US Department of the Treasury, the OCC is an independent division, and its Office of Financial Technology expands its area of interest and guarantees the organization’s leadership and flexibility in delivering high-quality regulation of bank-fintech relationships, including crypto.
The Office of Financial Technology significantly enhances the agency’s insight and knowledge of financial technology, including digital asset and fintech partnerships, and applications, in support of the OCC’s mandate.
Also Read: UK Government to Establish a New Multi-Agency Crypto Cell
