Mayor Bowser’s bold vision for DC’s Comeback includes encouraging the development of innovative financial technologies and services.
The Office of Innovation represents an exciting opportunity for fintech entrepreneurs and established companies to tap into the resources and support provided by the Government of the District of Columbia and the private sector.
Tech Catalyst
The DC Department of Insurance, Securities and Banking (DISB) recently launched an Office of Innovation (OOI) to drive innovation in the financial services industry and promote economic growth and financial inclusion in the District of Columbia. The office is committed to encouraging the development and adoption of technology-based financial products and services, especially form members of communities that are underserved by traditional financial services companies.
Office of Innovation
The DC Department of Insurance, Securities and Banking (DISB) has established an Office of Innovation (OOI) that is focused on driving innovation in the financial services industry and promoting economic growth and financial inclusion in the District of Columbia. The Office of Innovation works with the private sector to create a business and regulatory environment that encourages the development and adoption of innovative financial technologies and services that benefit consumers and businesses alike.
The Office of Innovation provides a range of support and resources to fintech, insurtech and regtech companies and entrepreneurs, including regulatory guidance, connections to stakeholders, networking opportunities, and research and analysis. By providing these resources, the Office of Innovation helps fintech companies navigate the regulatory landscape and ensure compliance with applicable laws and regulations, while fostering collaboration and promoting innovation in the financial services ecosystem. The office is committed to promoting economic growth and financial inclusion by encouraging the development and adoption of technology-based financial products and services, especially for members of communities that are underserved by traditional financial services companies.
The Office of Innovation represents an exciting opportunity for fintech entrepreneurs and established companies to tap into the resources and support provided by the Government of the District of Columbia.
The Office of Innovation is responsible for:
- Fostering a supportive environment for fintech companies. OOI works to create an environment that encourages fintech companies to locate and operate in the District of Columbia. This includes providing resources and support to fintech entrepreneurs, startups and established companies.
- Promoting financial inclusion. OOI seeks to promote economic growth and financial inclusion by encouraging the development and adoption of fintech solutions that serve underserved and unbanked communities.
- Facilitating regulatory compliance. OOI works with fintech companies to navigate the regulatory landscape and ensure compliance with applicable laws and regulations.
- Encouraging collaboration. OOI fosters collaboration between fintech companies, financial institutions, and other stakeholders to promote innovation and improve financial services in the District.
The Office of Innovation provides a range of support and resources to fintech companies and entrepreneurs, including:
- Regulatory guidance. OOI provides guidance to fintech companies on navigating the regulatory environment in the District of Columbia, including compliance with applicable laws and regulations.
- Connections to stakeholders. OOI connects fintech companies with financial institutions, industry associations, and other stakeholders in the financial services ecosystem. This can help foster collaboration and promote innovation.
- Technical assistance. OOI provides technical assistance to fintech companies, including support in areas such as data privacy and cybersecurity.
- Financial literacy and education. OOI provides education and outreach to consumers and businesses on the benefits of fintech solutions.
- Networking opportunities. OOI organizes networking events and workshops for fintech companies, providing opportunities to connect with other entrepreneurs and industry leaders.
- Research and analysis. OOI conducts research to identify fintech trends and their impact on the financial services industry, helping fintech companies stay informed and competitive.
The District of Columbia provides several advantages for fintech companies looking to establish a presence in the District, including knowledgeable and innovative regulators, access to capital and technical expertise, a highly skilled and educated workforce, and a well-developed and competitive business environment.
For information, please visit disb.dc.gov or contact Tamara Zeidan, Director of the Office of Innovation, [email protected].
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Glossary of Common FinTech Terms
Disclaimer: This glossary provides general information and definitions of financial technology (FinTech) terms. It is not intended to be legal advice or regulatory guidance.
Artificial Intelligence (AI)
The capability of a computer to perform tasks that normally require human intelligence.
Big Data
A large data set with increasing volume, variety, and velocity, which is too large or complex to be dealt with by traditional data-processing application software.
Bitcoin
A decentralized digital asset that allows for peer-to-peer transactions on the Bitcoin blockchain.
Blockchain
A distributed database that maintains a continuously growing list of records, called blocks.
Decentralized Finance (DeFi)
Peer-to-peer financial services and applications on public blockchains.
Distributed Ledger
A distributed database that is shared and synchronized across a network of computers in different locations.
Environmental, Social and Governance (ESG)
A set of aspects, including environmental issues, social issues and corporate governance that can be considered in investing.
Ether
A native cryptocurrency of the Ethereum blockchain.
Ethereum
A decentralized blockchain with smart contract functionality.
Financial Technology (FinTech)
Technological innovation in the design and delivery of financial services and products.
Insurance Technology (InsurTech)
A technology that is designed to drive innovation in the insurance industry and increase the efficiency of insurance companies.
Internet of Things (IoT)
A network of interrelated devices that can collect and share data with other devices and systems over the Internet or other communications networks.
Machine Learning
A system that observes and analyzes patterns in data and learns how to perform a task without being explicitly being programmed to do so.
Non-Fungible Token (NFT)
A unique cryptographic token that exists on a blockchain and cannot be replicated.
Regulatory Technology (RegTech)
A technology that is designed to enhance regulatory and compliance processes.
Robo Advisor
An automated online platform that uses algorithms to provide financial advice and investment management services, with minimal human involvement.
Smart Contract
A digital contract stored on a blockchain that is automatically executed when predetermined terms and conditions are met.
Stablecoin
A type of virtual currency where the value of the digital asset is pegged to another asset, such as a fiat currency.
Virtual Currency
A digital representation of value that is used as a medium of exchange, unit of account, or store of value, but does not have legal tender status as recognized by the United States government.