The New York State Department of Financial Services (DFS) has formally become a member of the Global Financial Innovation Network (GFIN).
Announced by the Superintendent of Financial Services Linda A. Lacewell, the newfound relationship will see the New York DFS join a network of international organisations committed to supporting financial innovation “in the best interests of consumers.”
“New York is a centre of innovation, and we look forward to engaging globally to continue to make New York an attractive place for pioneers,” commented Superintendent Lacewell.
“Innovation is priceless, and our membership in GFIN reflects our commitment to supporting innovative policies within modern regulatory frameworks that protect consumers.”
Launched by the UK’s Financial Conduct Authority (FCA), GFIN provides organisations “numerous opportunities” to cooperate with international partners with financial innovation.
It aims to improve the lives of consumers, make financial markets more resilient and produce better use of technology for overseeing supervised marketplaces.
The network is also investigating cross-border testing in financial products and services, aimed at establishing more efficient ways for businesses to interact with regulators.
Other subjects GFIN encourage collaboration projects among financial authorities include: crypto-currency licensing, cyber regulations and conducting tech sprints for regulators.
