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Fintech companies need state license to operate in Pennsylvania

The Pennsylvania Department of Banking and Securities is requiring financial technology companies to obtain a license from the department to operate in the state.

The requirement applies to companies offering regulated financial services through technology or "alternative means," Secretary Robin Wiessmann said in a statement.

Fintech companies lacking such a license but continuing to offer financial services in the state would be subject to any penalties under the state law governing that service, the regulator said.