The state of Utah was featured on one of the biggest stages in fintech and financial services as Governor Spencer J. Cox was interviewed by fintech expert Simon Taylor, co-founder of 11:FS and Fintech Brainfood blog at Money 20/20 in Las Veagas. Their session, Fintech Hub 2.0: Collaboration between Industry, Government, Education, and Venture, revealed why Utah is emerging as a major player in fintech. Below are highlights from the conversation.
5 key takeaways from the conversation:
1. Utah’s Collaborative Advantage
Governor Cox discussed how collaboration between government, industry, academia, and venture capital is fueling Utah’s fintech growth. By working together, these groups have created an ideal environment for businesses to thrive, attracting fintech heavyweights like MX, Galileo, and Goldman Sachs to set up shop in the state.
2. Business-Friendly Regulations
Utah’s supportive regulatory environment has been a big factor in this growth. Cox highlighted how clear and favorable banking regulations have made Utah a destination for fintech companies looking to scale. This is one of the reasons the state has seen such an influx of financial services companies in recent years.
3. A Skilled and Entrepreneurial Workforce
Both speakers emphasized the crucial role of talent development in driving Utah’s fintech success. A Stanford University study found that U.S. startup founders who studied or worked at the University of Utah are 3.2 times more likely to create a unicorn company. The University’s entrepreneurship program, ranked 7th nationally, is a key driver of innovation, while its fintech degree program, the first of its kind in the region, is preparing students for the future of financial technology. Together these programs were highlighted as critical assets in building a skilled and future-ready workforce.
4. Embedded Finance Leader
Utah is also a leader in embedded finance, with 85% of the nation’s industrial loan banks headquartered in the state. Simon Taylor noted that Utah’s deep expertise in this area makes it a key player for fintech companies focused on embedded lending and finance solutions.
5. Fintech-Focused Innovation
Looking ahead, Governor Cox shared his vision for Utah’s continued leadership in fintech. With a focus on improving lending practices, compliance, and embedded finance, Cox sees Utah continuing to shape fintech innovation and policy on a national level. With a strong workforce, innovative policies, and a collaborative ecosystem, Utah’s fintech sector is only just beginning to make its mark.
Missed the session? Stay tuned for more fintech insights as Utah continues to grow its presence on the global stage.