The Fintech Ecosystem in NYC

The video discusses the fintech landscape, focusing on Orem's mission to provide fast, reliable payments and instant bank account verification. It highlights the challenges in the US financial system, particularly the need for instant payments, and compares it to global standards. The speaker emphasizes the importance of diverse talent and strategic fundraising, noting the unique opportunities in New York. The video also covers the role of the Federal Reserve's new payment systems and the significance of building strong investor relationships.

What makes New York an attractive location for fintech companies?

• Low cost of living

• Diverse talent pool

• Proximity to Silicon Valley

• Lack of competition

What is the primary service offered by Orem?

• Stock market analysis

• Instant bank account verification

• Loan processing

• Cryptocurrency trading

What problem does Orem aim to solve in the financial sector?

• High transaction fees

• Time to money

• Lack of investment options

• Currency exchange rates

How does the US financial technology ecosystem compare to Europe's?

• The US is ahead in instant payments

• Europe is ahead in instant payments

• Both are at the same level

• The US has no instant payment systems

What recent development has the Federal Reserve introduced to improve payment systems?

• Mobile banking apps

• Blockchain technology

• FedNow instant payments

• New cryptocurrency

What is a key focus for Orem when building their team?

• Hiring only from Ivy League schools

• Prioritizing speed over quality

• Ensuring diversity in talent

• Focusing on local hires only

How did the pandemic influence Orem's business operations?

• It forced a relocation to Silicon Valley

• It led to a decrease in diversity

• It allowed for remote growth

• It halted all operations