MIAMI — Nelson Mullins, in cooperation with Miami Dade College’s (MDC) Idea Center and VastBank, co-hosted the second annual WinFin Conference. The conference organizers were Nelson Mullins partners Erin Kolmansberger and Katherine Baker, and associates Megan Kilissanly and Rebecca Lester, the founders of Nelson Mullins’ affinity group for women in FinTech (WinFin). This program, which took place March 29 at MDC’s Idea Center, featured several Nelson Mullins attorneys and nationally recognized thought leaders who shared insights on FinTech’s global development. The conference is a part of the firm’s celebration of Women’s History Month.

The 2023 conference opened with introductory remarks by Kilissanly, Nelson Mullins FinTech Practice Chair Richard Levin, and a member of the firm’s executive committee, Jennifer Malinovsky. The first session, “A Year in Review: Legal Issues in FinTech,” examined the biggest hurdles facing FinTech companies over the past 12 months. Kilissanly moderated this panel, which included Nelson Mullins partners Lori Anne Czepiel and Arina Shulga, and of counsel Mallory Acheson. The panel discussed recent enforcement actions, disruptive technologies, tests to determine whether digital assets are securities, privacy rights, and the metaverse.

The next panel, titled “Diversity as a Disruptor,” explored the challenges facing minorities and underrepresented people in the FinTech industry. This panel was moderated by senior associate Bethany Barclay-Adeniyi who was joined by Lester; Kat Taylor, Nelson Mullins’ Director of Diversity, Equity, and Inclusion; and Dr. Loretta Ovueraye, MDC’s Vice Provost for Workforce Programs and Professional Learning. The panel discussed the importance of considering diversity from the outset of a company, the importance of diversity of thought in creating inclusive products, and the business case for diversity from funding to product design.

Next the keynote speaker, Stride Funding Founder and CEO Tess Michaels explained the “Power of No.” Michaels discussed the challenge and value proposition of saying “no” to opportunities for funding and partnership in order to position a company for long-term sustainable growth. She highlighted the importance of advisors and building a team that has the same mindset and goals. 

Following Michaels’ presentation, Kolmansberger moderated “Regulating in a Grey Zone: FinTech Regulatory Considerations.” The panel included Natalie Parker, Chief Risk Officer for VastBank; Karen Buell, Senior Vice President at Paymentus; and Liz Donaldson, a senior associate at Nelson Mullins. The panelists discussed which FinTech regulations are clear and which are in the “grey zone” from both the bank and fintech perspective. They considered how rules may apply to innovative and novel FinTech products, even if regulations are outdated. The panel noted the importance of dealing with regulation head-on instead of turning a blind eye. The panelists stressed the importance of first dealing with clearly stated regulations before dealing with grey ones, as well as the importance of working with — and clearly communicating to — regulators.

The WinFin Conference closed out with the “Evolution of the Gaming Industry: Challenges of Integrating Digital Payments and Technology.” Moderated by Baker, the panel included Brianne Doura-Schawohl, Founder and CEO Doura-Schawohl Consulting; Lauren Lemmer, Director of New Markets & Product Compliance of Fanatics Betting & Gaming; and Brad Rustin, Chair of the Nelson Mullins Financial Regulatory Services Practice. The panelists examined the gaming industry’s gradual transition from a cash-based business to leveraging cashless solutions while navigating strict regulatory oversight, how gaming clients can best position themselves for partnerships with financial institutions in the face of enhanced scrutiny, and the generally cautious approach of regulators to FinTech concepts like cryptocurrency and metaverse gaming. They also explored methods used for tracking customer behavior while gaming, as well as potential responsible gaming intervention mechanisms.

WinFin is an affinity group of Nelson Mullins and was established in 2021. This group of attorneys from a wide spectrum of practice areas and geographic locations. For more information, and if you wish to join WinFin or become an ally, please contact the conference’s organizers.