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FL Gov. Ron DeSantis Announces FinTech Priority Initiatives including FinTech Sandbox

Florida Governor Ron Desantis issued the following press release on September 16, 2019:

Jacksonville, Fla. — Today, Governor Ron DeSantis announced several initiatives that encourage financial technology (FinTech) companies to start, relocate and expand in Florida. Governor DeSantis was joined by Chief Financial Officer (CFO) Jimmy Patronis, Department of Economic Opportunity (DEO) Executive Director Ken Lawson, Mayor Lenny Curry and business and community leaders from the Jacksonville area.

“From day one, we’ve made it a priority to create a regulatory environment that provides opportunities for businesses in the financial technology and banking sectors to thrive without being impeded by high taxes and burdensome regulation,” said Governor DeSantis. “The initiatives announced today demonstrate that we are committed to making Florida the top destination for FinTech companies to grow and succeed.”

“I’m proud to partner with Governor DeSantis today as we are focused on fostering an environment to support growth and innovation here in Florida through FinTech,” said CFO Jimmy Patronis. “We must ensure common-sense regulations are put in place to guarantee a stable market that protects consumers. To the global financial system—the Sunshine State is open for business.”

Governor DeSantis announced the following initiatives:

Florida Job Growth Grant Fund

Governor DeSantis is directing DEO and Enterprise Florida, Inc. (EFI) to expedite the review of Florida Job Growth Grant Fund proposals that provide workforce training programs in the financial services industry, with a focus on FinTech skills training. Proposals from state colleges or state technical centers should focus on how their program will identify industry skill set needs and match them with private sector partners that will provide employment opportunities for those who complete the program.

“Governor DeSantis is focused on utilizing innovative solutions to prepare Florida’s workforce for the demands of the future,” said DEO Executive Director Ken Lawson. “Investing in the emerging FinTech industry today is smart and strategic – we will work with state colleges, technical schools and financial technology companies to strengthen and diversify Florida’s workforce.”

“Enterprise Florida looks forward to working with Governor DeSantis to continue to grow our state’s talent pipeline and developing a skilled workforce,” said EFI President and CEO Jamal Sowell. “This investment will support Florida’s financial services industry, making Florida the destination for FinTech and a place where these companies can succeed.”

To learn more about the grant fund or to download an application, visit www.FloridaJobs.org/JobGrowth.

Regulatory Sandbox for FinTech Companies

Governor DeSantis and CFO Patronis announced they plan to pursue legislation to create a regulatory sandbox for FinTech companies in Florida. A “regulatory sandbox” creates an environment where companies that disrupt the status quo are provided regulatory flexibility to operate and provide new types of products and services. The legislation will allow the Office of Financial Regulation (OFR) to provide statutory authority to waive certain licensure requirements for FinTech companies to offer innovative services in Florida within certain parameters, providing more opportunities for innovation and entrepreneurship in Florida, while ensuring OFR has sufficient authority to protect consumers.

American Consumer Financial Innovation Network Partnership

Governor DeSantis and CFO Patronis also announced that OFR is a signatory of the American Consumer Financial Innovation Network (ACFIN). Led by the Bureau of Consumer Financial Protection, the purpose of this coalition is to facilitate consumer-driven innovation in markets for financial products and services through increased coordination among federal and state officials. Florida joins Arizona, Utah, Alabama, Tennessee, Georgia, South Carolina and Indiana to share information and coordinate in the development of innovative policies governing financial technology products.

This is incredibly exciting news for Florida and the blockchain and cryptocurrency businesses based here and could lead the way for Florida as a FinTech innovative leader in the nation.

Source: https://flgov.com/2019/09/16/governor-ron-desantis-announces-fintech-priority-initiatives/

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