The New York State Department of Financial Service [NYDFS] has announced additional details of DFS’s first-ever techsprint competition.
The techsprint was first announced last fall, following which the DFS has closely worked with stakeholders from the financial services sector, government, as well as the non-profit/academic sectors in order to set up “actionable and meaningful problem” statements for the event.
Since then more than 100 individuals across 75 organizations have engaged in workshops to provide input on the techsprint’s design.
NYDFS’s new Techsprint: In brief
The main aim of the techsprint in question is to bring about “creative and collaborative” prototyping, hence moving toward what the NYDFS describes to be a “smarter regulatory reporting” in cryptocurrency. The Department further intends to use an “intensive, time-bound approach”, to analyze ways to facilitate regulatory reporting via technology and more effectively oversee regulated entities and track the larger ecosystem.
According to the edict, the techsprint is set to be held virtually during the first two weeks of March this year. Moreover, the opening is set to commence on the 1st of March and culminating with ‘Demo Day’ on the 12th of March.
The NYDFS has also invited regulators, industry professionals from both regulated and unregulated firms, academics, subject matter experts, and design, communications, and technology professionals to register their interest in participating by the 26th of January.
The two-week competition will be conducted to get better access to data from cryptocurrency firms in real time
Following is a snapshot of few questions that the NYDFS seeks to address:
Superintendent of Financial Services Linda A. Lacewell commented,
“Innovation is happening now and we must work together for consumers and industry to gain from its disruptive nature, especially as we all work to build back better during an ongoing pandemic”
Lacewell further explained that DFS’s first-ever techsprint would essentially provide the Department with an opportunity to become more modern and steer towards groundbreaking supervisory techniques forward, advancing the financial regulator of the “future vision”.
The Superintendent also added,
“We look forward to breaking down silos in this ecosystem and propelling a creative and collaborative problem-solving effort.”