New York’s financial regulator is launching a program to help banks, fintechs, and startups launch new products and services that respond to consumer and small business needs in the wake of the Covid-19 pandemic.
Companies can get guidance from New York Department of Financial Services staff about how state regulations may apply to their product under the new program, called DFS FastForward.
The program, run through the DFS Research and Innovation Division, is open to entities with new products and services in consumer finance, small business, and health technology, DFS said in a Tuesday release.
“As New York begins re-opening, new cutting-edge and innovative solutions will be needed to adapt the New York marketplace to a new normal due to COVID-19,” DFS Superintendent Linda Lacewell said in the statement.
The fintech program builds on an insurance technology pilot program launched earlier in 2020. Its intended to help companies and the state figure out oversight of new technologies that don’t fit into existing regulations.
Lacewell expanded on the program in a FintechBeat Podcast interview with Roll Call released Tuesday, saying its purpose is to reduce barriers for innovators.
The regulator is looking for products that can help consumers and small businesses become more resilient and weather financial hardship.
Lacewell mentioned the hurdles faced by state and federal governments to get funds into the hands of people in distress as an area where financial innovation is needed.
“There are great vacuums and openings there for fintech to step in,” Lacewell said.
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