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ARTICLE · 17 JUNE 2020

NYDFS Encourages Financial Services Innovation With FastForward Program

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The New York State Department of Financial Services ("NYDFS") launched a new program to support innovation in financial services.

United StatesFinance and Banking
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The New York State Department of Financial Services ("NYDFS") launched a new program to support innovation in financial services. The FastForward program is intended to support innovators developing FinTech, InsurTech and HealthTech solutions.

According to the NYDFS, the goal of the program is to reduce barriers and speed up the regulatory process. The program offers resources to (i) support Main Street small business recovery, (ii) deliver and improve access to healthcare, and (iii) provide resources for individuals to strengthen their financial "resilience."

The NYDFS noted that the program follows an InsurTech pilot known as "Project Whitewall," which offered companies the opportunity to meet with NYDFS representatives to understand how NYDFS regulations may apply to their respective InsurTech solutions.

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