The U.S. Office of the Comptroller of the Currency (OCC) has established a new office of fintech and appointed Prashant Bhardwaj to head the department as deputy comptroller and chief financial technology officer.
The regulator announced last year that it planned to establish an office of financial technology. According to the OCC, the new fintech-focused unit will help “strengthen the expertise and ability to adapt to a rapidly changing banking landscape” and provide “strategic leadership, vision and perspective” for its financial technology activities and related oversight.
With more than 30 years of experience in financial services, Bhardwaj will assume the new role on April 10, 2023. He will lead a team that will analyze and assess relevant fintech trends and emerging and potential risks and their potential impact on OCC oversight.
Particular focus will be on digital assets, fintech partnerships, and other emerging technologies and business models introduced by banks in the OCC‘s jurisdiction.
“Financial technology is changing rapidly, and the number and complexity of partnerships between banks and fintechs are likely to continue to grow,” said Michael Hsu, deputy director of the OCC.