5 May 2017
Clifford Chance to be the strategic partner of a new IDB Fintech initiative
International law firm Clifford Chance is the Strategic Partner and exclusive law firm of the Inter-American Development Bank's (IDB) new Fintech initiative. The IDB's Multilateral Investment Fund (MIF) program, FINCONECTA will integrate solutions between financial technology companies (FinTechs) and financial institutions (FIs).
FINCONECTA is a 10-month project that aims to promote financial inclusion by connecting Latin American and Caribbean financial institutions with established and emerging financial services technology providers so they can collaborate and drive responsible growth in the financial industry. FinTechs of all sizes and from all over the world have been invited to participate. Participants will interact through a single platform, allowing FIs to evaluate multiple technology solutions provided by the FinTechs and adapt them to their needs. FinTechs will have direct access to FIs and will contribute to the digitization process in Latin America and the Caribbean.
As part of this strategic partnership, the Firm will deliver a series of presentations and webinars to the FINCONECTA participants, as well as provide other legal advice to the participant FinTechs. The series will run during July and August of 2017, and the program will conclude during FOROMIC, IDB’s annual event, on October 31 – November 1, 2017 at a Showcase Day in Buenos Aires.
"Because FinTech developers are typically small start-ups, IDB has developed this program to assist these underserved participants in their product development and marketing, said Regulatory partner Megan Gordon."Our role is to advise on important regulatory and contractual mechanisms that they will need to build into their products."
FINCONECTA is coordinated by Above & Beyond, whose chief operating officer, Alejandro Nino, said …. “With the support of the IDB, we are creating a first of its kind program that integrates financial institutions with FinTechs through our Forward platform to create the first interconnected ecosystem."
The Firm's team on this initiative, led by Gordon, includes partner David Felsenthal and associates David Rabinowitz, Allein Sabel and Joshua Wohl.
Clifford Chance is a leading adviser to the global financial sector and provides multidisciplinary transactional and regulatory advice to established and emerging participants in Fintech. Along with demonstrated leadership in both the financial and technology sectors, the Firm leverages strong relationships with regulators to develop practical, innovative solutions for clients that are shaping these converging worlds.