Roboadvisor Betterment is not interested in having its own national bank charter, Bank Innovation has learned.

Last week, alongside the endorsement of the US Treasury, the OCC was finally opened the application process for fintechs seeking a special national banking charter. The one major stipulation from the Treasury was that the charter only be open to non-depository fintechs. In other words, a company like Betterment, which does not provide any deposit-focused products, would be a perfect candidate. Aside from roboadvisors, the charter would be suitable to other fintechs focused on payments, lending and money management.

For instance, payments platform Square’s CEO said in the company’s earnings call last week that it would likely proceed with an application for the charter, although given that Square has a depository-type service, that might make things a bit complicated. Nevertheless, Betterment CEO and Founder, Jon Stein, is not considering applying for that charter, though he sees the development as a positive thing for the fintech landscape overall.

In an email to Bank Innovation, Stein said:

We fully support the charter, and see it as an encouraging sign that the financial services industry will continue to evolve. Innovation has significantly outpaced regulation in the financial services industry. This decision will be a game-changer in modernizing regulation which has long favored institutions over individuals. By creating a more level playing field and providing more options for financial services, we keep the needs the consumers front and center.

Betterment’s current banking partner is The Bancorp.