Florida Gov. Ron DeSantis on Monday announced a public-private partnership between Florida’s state colleges and financial technology companies to create a workforce development program.
DeSantis gave an overview of his proposal during a news conference at the JAX Chamber headquarters in Downtown Jacksonville.
His proposed legislation would make state grant money available to applicants seeking workforce training relevant to fintech. The program must be approved by the Florida Legislature, which will begin the 2020 legislative session in January.
“The No. 1 thing I think people (in fintech) are looking for is workforce development — making sure we have folks who are going to be able to participate in what’s a really dynamic aspect of the economy,” DeSantis said.
This was the second time in the past month that DeSantis stopped in Jacksonville to make fintech-related announcements.
He announced Aug. 28 that San Francisco-based financial technology companies SoFi and SS&C Technologies would be creating a total of 498 jobs in Jacksonville.
He also mentioned Fidelity, who DeSantis said plans to expand its Jacksonville operations. He did not elaborate.
Project Sharp, which matches the profile of Jacksonville-based Fidelity National Information Services Inc., recently received approval from the City Council for city-backed incentives to create 500 jobs and build a 300,000-square-foot office building and parking structure for a $145 million corporate headquarters Downtown.
DeSantis did not indicate which Florida colleges and universities he’s approached to host fintech workforce training and he did not take questions after the announcement.
“We conceive of these to be like fintech academies,” DeSantis said. “Jacksonville is obviously a natural place for that. But I think if you look at Tampa, Miami, I think there’s other places around the state we can do as well.”
Enterprise Florida and the Florida Department of Economic Opportunity will review all job growth grant applications.
Joining DeSantis at the podium Monday were state CFO Jimmy Patronis and the executive director of the Florida Department of Economic Opportunity Ken Lawson.
“We will ensure these workforce training programs with focus on fintech, skilled training and wide-ranging technology skill set,” Lawson said. “Our agency will review and use the data available to ensure that programs for these quality members prepare the workforce.”
Legislature committee work began Monday in Tallahassee ahead of the 2020 session. Patronis said he expects the new policy to be created and passed by April.
After the governor’s announcement, Patronis said the amount of fintech workforce grant money that will be made will be “the will of the Legislature.”
Fintech regulations
During his comments, DeSantis also said his administration intends to eliminate “outdated” regulations for some fintech firms so companies can more easily test their products’ market viability.
The governor did not say which regulations he considers hurdles to financial tech companies, but promised to keep “appropriate consumer protections” in place.
“We think that that’s important that these technologies be welcomed a fostered rather than suffocated,” DeSantis said.
The governor said he wants to create an environment so that companies that disrupt the status quo “are allowed to exist with more flexible regulatory requirements.”
Florida officials also are trying to influence federal fintech policy. DeSantis said the Florida Office of Financial Regulations has joined the American Consumer Financial Innovation Network. The network comprises the Attorneys General of Alabama, Arizona, Georgia, Indiana, South Carolina, Tennessee and Utah.
Led by the Consumer Financial Protection Bureau, the network is intended to help fintech companies by reducing or reforming existing regulatory policy.