“The Partnership applauds the decision by Judge Katherine Polk Failla that the federal and state governments, not the city, are the appropriate regulators of the financial industry. Local politics should be kept out of business regulation and, when it comes to the financial sector, city government lacks the infrastructure and the expertise to accomplish that. On the other hand, the banking industry has been and will continue to be responsive to voluntary initiatives to work with the city and its communities to ensure that the goals of the Responsible Banking Act are realized. That should be the focus of the de Blasio Administration’s response to this ruling.”
The Partnership Fund has invested in Citi Bike to expand the affordable and efficient bike sharing service to communities in the city that are underserved by mass transit.
Partnership President & CEO Kathryn Wylde stated, “The extension of Citi Bike to neighborhoods that are underserved by mass transit is an investment that our Partnership Fund was proud to make. Motivate is taking the steps necessary to make bike sharing in New York more efficient and convenient, which wil lresult in great utilization for commuting to work as well as leisure activity.”
Digital Reasoning – a graduate of the 2012 FinTech Innovation Lab and Partnership Fund portfolio company – was featured prominently in the Wall Street Journal as a leader in the field of unstructured data analysis. Digital Reasoning is helping financial institutions – several of whom were introduced to Digital Reasoning through the FinTech Lab – to identify suspicious or risk-taking behaviors. The company also recently announced that it surpassed Google’s record for training the largest neural network to date.
“The plan to redesign LaGuardia to enhance efficiency and the customer experience is an important acknowledgement of New York’s airport inadequacies and the Governor’s commitment to address them. The mention of an important new hotel and retail center being developed at JFK, in the former TWA Saarinen Terminal building adjoining Jet Blue’s Terminal 5, suggests the even bigger challenge ahead, which involves expanding the capacity and accessibility of the city’s premiere international airport. “
Program participants include Digital Asset Holdings, EverSafe, MaxMyInterest, PierceMatrix, PYT FUNDS, Social Alpha and Ufora
A select group of leading-edge financial services technology (fintech) companies demonstrated their products and services to dozens of top bank, venture-capital and technology executives today at the fifth annual New York FinTech Innovation Lab Demo Day.
Created by Accenture (NYSE: ACN) and the Partnership Fund for New York City in 2010, the FinTech Innovation Lab is a 12-week mentoring program to enhance fintech innovation and drive high-tech job growth in New York City by connecting startups with decision makers at some of the world’s leading financial institutions. This year’s Demo Day was held at Bank of America’s One Bryant Park in Manhattan.
Kathryn Wylde, President and CEO of the Partnership for New York City, appeared on NY1’s Inside City Hall this evening. She discussed the Partnership’s recent report on the financial services sector in New York City.
“The business community is relieved that the end-of-session compromise reflects an undiluted extension of mayoral control of the New York City schools. While we believe it should have been made permanent, this represents an affirmation by all parties that the best governance system is one that allows the voters to hold the mayor fully accountable. Similarly, the expansion of charter schools and support for non-public schools all work in the direction of more and better options for students. New York City had an ambitious agenda and much of it has been accomplished.”
“New York City’s economic vitality depends on foreign trade agreements that facilitate the export of goods and services to the 95% of consumers who live outside the United States. Our city stands to benefit by getting more and better jobs because of the leadership exercised by Speaker John Boehner to forge a bipartisan majority to support President Obama’s trade agenda. Those New Yorkers who played key roles in this effort include Representatives Gregory Meeks, Kathleen Rice, Peter King, Elise Stefanik, Tom Reed and Richard Hanna. They all took a political risk in the best interests of the city, state and country.”
“The business community strongly supports our city’s uniformed services and, particularly, those police officers and fire fighters who are severely disabled in the course of their work. But disability pensions must be contained or the city will not be able to make other important investments, including funds for law enforcement. Mayor de Blasio and City Council Speaker Mark-Viverito, along with 31 of her colleagues, have shown courage and leadership by supporting a bill that improves the current disability pension system for uniformed personnel while reining in escalating costs. Their actions protect both the integrity of the pension system and the fiscal condition of a city that needs to shepherd its resources to meet a broad range of needs. The state legislature should not override the Mayor and the Speaker’s responsible management of one of the highest cost burdens on local government, nor should Albany be imposing more unfunded mandates on the city.”