June 9, 2020
SUPERINTENDENT LACEWELL ANNOUNCES THE LAUNCH OF NEW DFS PROGRAM TO DRIVE INNOVATIVE FINANCIAL SERVICES AND PRODUCTS FOR NEW YORKERS IN THE COVID-19 ERA
Launch of DFS FastForward Marks Expansion of Successful Pilot Program “Project Whitehall”
Launched in February 2020 for InsurTechs
DFS FastForward Represents First Program Offered by DFS Next, the Department’s New Platform for Engaging with Innovators
Department Welcomes Regulated and Non-Regulated Entities, and Financial Services, Fintech, InsurTech, HealthTech Innovators and Start-Ups to Apply to DFS FastForward
Superintendent of Financial Services Linda A. Lacewell today announced the New York State Department of Financial Services (DFS) has launched DFS FastForward, a new program to support innovators seeking to deliver new solutions in financial services, Fintech, InsurTech, and HealthTech for New Yorkers in the COVID-19 era.
“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,” said Superintendent Lacewell. “DFS FastForward will help to build New York back better by supporting tomorrow’s innovators for the benefit of New York’s economy and consumers.”
DFS FastForward is open to DFS-regulated, and non-regulated, entities, as well as innovators, start-ups, and disruptors, looking to enter and operate novel financial services and products in New York. DFS is especially interested in solutions that:
- Promote recovery for Main Street small businesses,
- Provide HealthTech solutions to deliver access and better meet healthcare needs of New Yorkers, and
- Offer tools for individuals and households to build their financial futures and resilience.
Those looking for information and guidance about how DFS regulations apply to their business and who have an innovative idea with significant potential to help New York State and New Yorkers build back better are invited to submit an inquiry to DFS FastForward.
DFS FastForward follows an InsurTech pilot – “Project Whitehall” – which launched in February 2020. Through Project Whitehall, companies and start-ups had the opportunity to connect directly with DFS subject matter experts to explore how DFS regulations might apply to their innovative – and often disruptive – InsurTech solutions as they prepare to launch in New York. Building on this successful pilot program, the Department is pleased to expand this offering to innovators in all areas of financial services with a nexus to DFS jurisdiction.
More information about the program, including an online application, can be found at the newly created webpage for DFS Next, the Department’s platform for engaging with innovators.