The American Fintech Council (AFC) has announced a strategic partnership with the Association of Military Banks of America (AMBA) to enhance financial wellness for U.S. military and veteran communities. The collaboration aims to support responsible fintech companies and innovative banks in increasing access to safe financial services, aligning with both organizations' missions.
Steven Lepper, President and CEO of AMBA and retired United States Air Force Major General, commented on the timing of the announcement: "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." He emphasized the growing reliance on financial technology among service members and veterans.
Founded in 1959, AMBA is a not-for-profit association representing banks operating on military installations across all five service branches as well as those serving military customers outside these installations. Its membership 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 honor in partnering with AMBA: "American heroes who are serving or have served in the military deserve every opportunity for economic prosperity and wellness. As a trade association built on the foundation of responsible innovation, AFC is uniquely positioned to support the work of AMBA."
The partnership aims to create opportunities for members from both organizations to collaborate on innovative financial literacy offerings, introduce safe fintech products, and promote programs designed to provide financial options and debt relief for military families. Educational initiatives will include podcasts, webinars, and joint events such as the AMBA Fall Workshop in August and the AFC Policy Summit in November.
AFC represents major fintech companies and innovative BaaS banks. Its mission is to promote a transparent, inclusive financial system through responsible innovation in financial services while fostering competition in consumer finance.