• FDIC appoints Neocova’s Sultan Meghji as first chief innovation officer

    The US Federal Deposit Insurance Corporation (FDIC) has appointed Sultan Meghji as its first ever chief innovation officer.

    Sultan Meghji joins as the FDIC’s first CIO

    Meghji is charged with leading the agency’s efforts in the promotion and adoption of innovative technologies “across the financial services sector”.

    He is an adjunct professor at the Washington University in St. Louis, and has experience in banking from ABN Amro. Meghji spent 13 years with corporate advisory firm Virtova, between 2005 and 2018.

    He also co-founded Neocova, a financial technology firm providing secure, cloud-native, artificial intelligence-based software for community banks and credit unions.

    The firm received $9.5 million of Series A funding in January 2020, after an official launch in October 2019.

    “It is important that the FDIC leads at this transformative moment in our nation’s banking history,” says Meghji.

    “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.”

    FDIC chair, Jelena McWilliams, says Meghji can find “innovative ways to utilise technology to modernise our bank supervision”.

    McWilliams also predicts the position will enable community banks to adopt technological solutions, and “bring more underserved people into the financial fabric of our nation”.

    Related: GAO urges FDIC to stop examiners fishing for bank jobs

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