Linda Lacewell, Department of Financial Services. (Courtesy photo) Linda Lacewell, Department of Financial Services. (Courtesy photo)

New York state on Friday became the second U.S. jurisdiction to join a new, international coalition of organizations and regulators that will examine new ways for financial institutions to interact with regulators in the interest of consumers.

The state Department of Financial Services said it's joined the Global Financial Innovation Network, which was launched earlier this year by the United Kingdom's Financial Conduct Authority.

New York's membership in the coalition will allow it to share ideas and facilitate cross-border testing in financial products and services, with other organizations and regulators. The coalition, as of Friday, had 50 international organizations as members.

While New York will learn from other organizations and regulators through the coalition, DFS Superintendent Linda Lacewell said the state also has a lot to offer in the partnership.

"New York is a center of innovation, and we look forward to engaging globally to continue to make New York an attractive place for pioneers," Lacewell said. "Innovation is priceless, and our membership in GFIN reflects our commitment to supporting innovative policies within modern regulatory frameworks that protect consumers."

The membership highlights the agency's actions, in recent years, on regulating the state's burgeoning financial technology industry, or fintech. Many of the other organizations involved have a similar focus on cryptocurrency licensing, cyberregulations and other technology-minded entities, according to DFS.

A perk of joining the international coalition is the opportunity for cross-border testing of new technologies and regulations. According to GFIN, multiple jurisdictions will have the option to take the same action at the same time, meaning real-time insight from those places.

DFS also became the first state in the country, in September, to join the Network for Greening the Financial System, an international coalition of bank supervisors with a goal of driving the financial industry to address climate change.

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