Photo Credit: Kobi Gideon / GPO
New York Governor Andrew Cuomo and Prime Minister Benjamin Netanyahu in Jerusalem, June 27 2019

New York State Governor Andrew Cuomo and the three financial regulators of the State of Israel — Supervisor of Banks at the Bank of Israel, Hedva Ber, Head of Capital Markets, Insurance and Savings Authority, Moshe Bareket, and Chairwoman of Israel Security Authority, Anat Guetta – announced an agreement Tuesday between the New York State Dept. of Financial Services and Israel’s regulators.

The deal aims to “encourage and enable cross-border innovation in financial services technology (“FinTech”),” and encourage FinTech innovation in New York and Israel through provision of support to FinTech companies and enabling information sharing in the field, according to a joint statement released by the Bank of Israel.

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“As the financial capital of the world, New York must continue to lead by promoting and encouraging the growth of pioneering financial services products that today’s interconnected world demands,” said Cuomo.

“New York and Israel are both centers of innovation and given our close friendship there are many mutual benefits to a partnership in the emerging FinTech market.

“New York is proud to partner with Israel through this agreement and to work together to ensure that unnecessary barriers to FinTech development are removed to support current and future innovation. The relationship between New York and Israel will be amplified and expanded through this agreement, which will ease the ability of entrepreneurs and innovators to work in both countries.”

“Promoting technological advancement and innovation in our banking system is one of the strategic goals of the Bank of Israel,” said Ber.

“I thank my colleagues and the partners from New York for this cooperation, which will support our ability to be in the frontier of technology while making sure risks of all types are managed according to best international practices.”

BOI officials said the Memorandum of Understanding (“MOU”) announced Tuesday “encourages initiatives in FinTech that promote competitiveness and innovation in financial services” through the following:

§ Innovation Referrals. Regulators will refer FinTech innovators to each other, which can improve speed to market.

§ Information Sharing. New York and Israel will exchange information about FinTech innovation, including:
· Regulatory and policy issues on innovation in financial services; and
· Emerging market trends and developments.

§ Innovation Support. New York and Israel will work to ensure that FinTech innovators in each other’s jurisdiction receive equivalent levels of support. Each jurisdiction shall: support FinTech innovators operating in each other’s jurisdiction an equivalent level of support including:
· Provide a lead point of contact; and
· Information, assistance, and support regarding the relevant regulatory framework and authorization process.

§ Dialogue on FinTech and Innovative Financial Services. New York and Israeli regulatory staff will confer to discuss areas of common interest regarding FinTech innovation, share expertise, and coordinate training sessions.

§ Expertise Sharing. New York and Israeli regulatory staff will give presentations and conduct training sessions to share expertise and knowledge.

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