Earlier this year, Governor Doug Ducey signed House Bill 2434 into law, making Arizona the first state in the nation to enact a groundbreaking, regulatory fintech sandbox. Arizona joins countries such as the United Kingdom, Singapore, United Arab Emirates and Australia in encouraging fintech investment by instituting sandboxes.
In Arizona’s sandbox, startups, entrepreneurs and established companies can launch products on a limited, temporary scale to consumers to test innovative products, services, business models and delivery mechanisms in the real market without incurring the regulatory costs and burdens that would otherwise be imposed. The attorney general’s office will administer the sandbox.
– Chris Camacho, Greater Phoenix Economic Council