WASHINGTON–The FDIC has named its first-ever chief innovation officer.
The agency has selected Sultan Meghji to fill the position, where he will be charged with leading the agency’s drive to promote the adoption of innovative technologies across the financial services sector, according to the FDIC.
Meghji co-founded Neocova, a financial technology firm providing secure, cloud-native, artificial intelligence-based software for community banks and credit unions. In addition, he worked on an aid mission to help implement digital banking in Kenya, Tanzania, and Uganda, and worked with fintechs and central banks to create peer-to-peer banking solutions for hundreds of thousands of people in underserved areas of Africa and Central Asia, the FDIC said.
“As a recognized expert in financial technology, Sultan brings years of technical knowledge and an entrepreneurial spirit to our FDiTech team,” said FDIC Chairman Jelena McWilliams. “Under his leadership, I am confident we will find innovative ways to utilize technology to modernize our bank supervision, enable community banks to adopt technological solutions, and bring more underserved people into the financial fabric of our nation.”
‘Transformative Moment’
Added Meghji, “I am immensely honored to join a team that is working towards finding innovative ways to meet the challenges of tomorrow. It is important that the FDIC leads at this transformative moment in our nation’s banking history. My personal mission is to engage both public and private sector partners to ensure the financial system of the future is innovative, resilient, and equitable.”