The Financial Conduct Authority and 11 financial regulators and related organizations have launched the consultation phase of a fintech initiative: the Global Financial Innovation Network (GFIN). This builds on the FCA’s proposal earlier this year to create a “global sandbox”. The network will seek to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new framework for co-operation between financial services regulators on innovation-related topics, sharing different experiences and approaches.
The consultation sets out the three main functions of the GFIN: act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models; provide a forum for joint policy work and discussions; and provide firms with an environment in which to trial cross-border solutions.
The organisations involved in the GFIN at present are: Abu Dhabi Global Markets; Autorité des marchés financiers (Québec); Australian Securities & Investments Commission; Central Bank of Bahrain; United States Bureau of Consumer Financial Protection; Dubai Financial Services Authority; Financial Conduct Authority; Guernsey Financial Services Commission; Hong Kong Monetary Authority; Monetary Authority of Singapore; Ontario Securities Commission; and Consultative Group to Assist the Poor (CGAP).