Budget Amendment ID: FY2018-S3-590

ECO 590

FinTech Study

Ms. Donoghue moved that the proposed new text be amended in section 2, in item 7002-0032, by inserting at the end thereof the following:- “; provided further, that not less than $250,000 shall be expended for a study, done in coordination with the Massachusetts-based nonprofit FinTech Sandbox, of the status of and current trends in the financial technology services sector and the next generation uses of financial data; provided further that the study may include, but not be limited to: (i) the current status of the financial technology services sector; (ii) an evaluation of emerging data technologies in financial services, including, but not limited to, biometrics, digital ledger, cloud and mobile applications and the implications these technologies have on individuals’ digital identities; (iii) a review of the challenges for Massachusetts businesses using financial data, the definition of digital identities and the potential impact on the quality, availability and efficiency of critical services provided by the commonwealth, as well as the current limitations of these challenges on new business opportunities and economic development; (iv) recommendations for further research on the viability of establishing and maintaining such digital identities including consideration of legal, technical and trust components; and (v) an examination of any workforce development needs in the financial services technology sector, including solutions for meeting those needs; and provided further that a copy of the study shall be filed with the joint committee on economic development and emerging technologies and the joint committee on financial services by not later than June 30, 2018”; and in said item, by striking out the figure “3,000,000” and inserting in place thereof the following figure:- “3,250,000”