The document discusses the rise of financial technology (fintech) companies in New York and the city's opportunity to become a global leader in the fintech industry. It notes that New York's large financial sector and proximity to customers provides advantages for fintech firms. The FinTech Innovation Lab has helped foster partnerships between fintech startups and financial institutions to develop new solutions. Venture capital funding of fintech companies has grown significantly, with some banks now establishing their own fintech investment funds. New York has become the fastest growing fintech cluster in the US due to the many startups pursuing fintech applications with support from accelerators and lower costs of development.