‘FinTech’: A Way to Make Money From Mobile?

‘FinTech’ Companies Are the ‘Wild, Wild West’ When entrepreneurs and policymakers interested in diversity gathered in Washington on Tuesday, they talked about computer technology — and about how people of color should be using it not just to send tweets and watch videos, but also to make money. They discussed “FinTech,” shorthand for “financial technology,” and it was presented as a way for African Americans, in particular, to recoup losses from the recession of 2008 and 2009, from mortgages that went underwater and from other business setbacks. Just last month, Seaway Bank and Trust, for decades the largest black-owned bank in Chicago, was shut down by regulators, leaving just one black-owned bank in the city. Other African American investors could not be found to save it, and an Indian American-owned company took it over. The development, considered symptomatic of a larger trend, hardly made news outside of Chicago. Kelvin Boston, who hosts “Moneywise,” a financial advice television program on public television, invoked the African American unemployment rate, which stands at 10.5 percent, at the 8th Annual Broadband and Social Justice Summit & FinTech Empowerment Forum, staged in Washington by the Multicultural Media, Telecom and Internet Council, known as MMTC. “There… Read full this story

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