The American Fintech Council (AFC) has announced a strategic partnership with the Association of Military Banks of America (AMBA). This collaboration aims to enhance financial wellness for U.S. military and veteran communities by combining AFC's mission to support responsible fintech companies and innovative banks with AMBA's dedication to serving military personnel and their families.
Steven Lepper, President and CEO of AMBA, remarked on the significance of this partnership, especially around Independence Day. "It is fitting that on the threshold of Independence Day, a celebration of our Nation’s liberty and the men and women who have and will continue to defend it, AMBA and AFC announce a partnership that promises to enhance the financial lives of America’s service members, veterans, and their families," said Lepper. He emphasized that service members increasingly rely on financial technology to address their unique needs.
Founded in 1959, AMBA is a not-for-profit association representing banks operating on military installations across all five service branches: Army, Air Force, Space Force, Navy, and Marine Corps. The association includes both community banks and large multinational financial institutions insured by the Federal Deposit Insurance Corporation.
Phil Goldfeder, Chief Executive Officer at AFC, expressed his enthusiasm for the partnership. "American heroes who are serving or have served in the military deserve every opportunity for economic prosperity and wellness," said Goldfeder. "As a trade association built on the foundation of responsible innovation, AFC is uniquely positioned to support the work of AMBA."
The collaboration between AFC and AMBA will create opportunities for both organizations' members to collaborate on innovative financial literacy offerings. They aim to introduce safe fintech products while promoting programs that provide financial options for military families. Both organizations plan to educate their collective membership through various channels such as podcasts, webinars, and events like the AMBA Fall Workshop in August and the AFC Policy Summit in November.
AFC represents leading fintech companies and innovative BaaS banks with a mission to promote transparency in financial services through responsible innovation.
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