Discusses Partnership with EXIM as part of “Strengthening American Competitiveness” Initiative to Advance U.S. Comparative Leadership, Counter Chinese Export Subsidies
FOR IMMEDIATE RELEASE July 30, 2020
Office of Communications (202) 565-3207
WASHINGTON – Export-Import Bank of the United States (EXIM) President and Chairman of the Board of Directors Kimberly A. Reed today hosted a teleconference roundtable discussion with over 60 business leaders and stakeholders in the emerging financial technologies (fintech) sector. The event was the eighth and final teleconference in EXIM’s “Strengthening American Competitiveness” initiative, which provides valuable stakeholder input to EXIM’s new Program on China and Transformational Exports.
On the call, Chairman Reed highlighted the economic growth potential in this high-tech sector, and underscored EXIM’s commitment to accelerating the success of American financial technology companies.
“Fintech is one of the many industries named in Beijing’s long-term strategy for economic dominance,” said Chairman Kimberly Reed. “I am committed to leveling the playing field globally for U.S. companies in this critical sector, especially as they compete with China. We at EXIM are intently focused on supporting U.S. emerging financial technologies—including those that facilitate financial inclusion, data security and privacy, payments and transfer of funds, and efforts to combat money laundering and the financing of terrorism—especially as we focus America’s economic and national security. Thank you to all the industry leaders who shared their insights today. I look forward to further partnership to support U.S. jobs and keep America strong.”
“Fintech represents a truly exciting new industry for EXIM, and a key sector critical to long-term U.S. economic growth and security,” said David Trulio, EXIM Senior Vice President for the Program on China and Transformational Export. “Given the extremely dynamic nature of the emerging financial technology marketplace, success in supporting these exporters requires innovation and scalable solutions, and we in EXIM look forward to early collaboration.”
Also giving remarks on the call were:
- Chris M. Fuller, President, Transcard
- Fred Phillips, CEO, Investor Cash Management
- Greg Woolf, CEO and Founder, Coalesce.ai and the Boston AI Think Tank
- Jordan Brandt, CEO and Co-Founder, Inpher
“EXIM’s support of emerging financial technologies contributes to a more inclusive society in the U.S. and abroad,” said Investor Cash Management CEO Fred Phillips. “Through creating quality jobs domestically and making payments more efficient globally, EXIM’s leadership in promoting fintech exports and agility in developing new programs exemplifies the best of government/private sector partnerships.”
“The investment and implementation of digital banking products and multi rail offerings is imperative to compete at a global scale,” said Transcard President Chris M. Fuller. “The near-term dynamics of the financial markets are potent, driven by strong customer sentiment, a thriving fintech environment, and unrelenting innovation by the providers of real-time processing platforms. I am pleased to see EXIM Bank put the proper investment and attention in these emerging technologies.”
The Program on China and Transformational Exports, established in EXIM’s historic seven-year reauthorization signed into law by President Trump on December 20, 2019, directs EXIM to provide financial products to directly neutralize export subsidies offered by the People’s Republic of China, helping to ensure a level playing field for U.S. businesses and workers as they compete globally. The program has the aim of advancing the comparative leadership of the United States and supporting U.S. innovation, employment, and technological standards globally in ten transformational export industries including emerging financial technologies.
More information on EXIM’s Strengthening American Competitiveness initiative, including a full schedule of teleconferences and recordings of previous events, can be found here.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.