SmartBiz becomes first fintech bank under Trump

Quick Summary:

SmartBiz has become the first financial technology (fintech) firm to receive regulatory approval to be a bank since president Donald Trump took office in January, a regulatory signal that other fintechs could also get the green light to cement their footholds in the financial services industry, Bloomberg reports.

Singer said he started pursuing a bank acquisition around three years ago, then filed a formal application with the OCC in October 2023 and one with the Federal Reserve in February of last year.

Klaros Group partner Michele Alt, who also advised SmartBiz through the process, said more approvals are likely to come under the Trump administration.“After four years of the regulators having drawn up the gate over the moat,” she said, “the gate has been lowered again.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Category: EconomyBusiness

Markets: MalaysiaUnited States

Topics: Smallbusinessloans Regulatoryapproval Banking Fintechgrowth /Business/Business News Bankacquisition SmartBiz KlarnaIPO Fintechbanking

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-19 @ 00:00:00 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 585 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 27157725

View Article Analysis

About The Star

Main Topics: EconomyBusiness

Official Website: thestar.com.my

Update Frequency: 28 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 54 minutes ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #22

Publisher Details

Frequently Asked Questions