Superintendent of Financial Services Linda A. Lacewell today announced the New York State Department of Financial Services (DFS) has joined the Global Financial Innovation Network (GFIN).
Launched by the U.K.’s Financial Conduct Authority (FCA), GFIN is a network of 50 international organizations committed to supporting financial innovation in the best interests of consumers.
“New York is a center of innovation, and we look forward to engaging globally to continue to make New York an attractive place for pioneers,” said Superintendent Lacewell. “Innovation is priceless, and our membership in GFIN reflects our commitment to supporting innovative policies within modern regulatory frameworks that protect consumers.”
As a sign of DFS’ actions to keep pace with the fast-moving changes in financial innovation, inclusion in GFIN will present numerous opportunities for DFS to engage with international partners as it works toward fostering market innovation that improves the lives of consumers, makes financial markets more resilient and better uses of technology for overseeing supervised marketplaces. DFS is uniquely positioned as a GFIN member by the breadth of financial products and services and the number of institutions the Department supervises, with DFS’ influence extending far beyond the borders of the state. Furthermore, DFS’ commitment to innovation was recently demonstrated by the establishment of a new Division of Research and Innovation, to position DFS as a regulator of the future.
Aimed at establishing more efficient ways for businesses to interact with regulators, GFIN also seeks to facilitate cross-border testing in innovative financial products and services. Membership in GFIN holds three primary functions: a network of regulators to share experiences of financial technology innovations in respective markets, a forum for best practices and collaborative knowledge, and an environment to assess cutting-edge solutions.
DFS joins 49 other financial regulators and organizations from around the world to encourage collaboration among financial authorities on a variety of pressing topics, including crypto-currency licensing, cyber regulations and conducting tech sprints for regulators.