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The New York State Department of Financial Services, alongside the Bank of Israel, the Israel Security Authority and the Insurance and Savings Authority, agreed to “encourage and enable” the exchange and sharing of financial services technology. The agreement, considered a Memorandum of Understanding (MoU), helps to facilitate information referrals, to connect innovators, and information sharing, to make both sides more aware of regulatory issues and emerging market trends.
“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 fin-tech market,” Andrew Cuomo, governor of New York State, said. “New York is proud to partner with Israel through this agreement and to work together to ensure that unnecessary barriers to fin-tech development are removed to support current and future innovation.”
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