The Global Financial Innovation Network launches along with first pilot

The Global Financial Innovation Network (GFIN), an initiative created by a number of international regulators and related organisations, has launched operations.

GFIN is a network of 29 organisations committed to supporting consumers, with a particular focus on improving interactions between companies and regulators to ease navigation between countries they look to scale into. This includes a pilot for firms wishing to test products, services, business models in multiple jurisdictions.

Another aim of this group is to establish a new framework for co-operation between financial services regulators around innovation by sharing experiences and approaches.

Initially proposed in August 2018 through a consultation paper and has since received 99 responses spanning 26 jurisdictions. Replies from the industry and international regulators indicated a positive opinion towards the GFIN and an improved collaboration method for innovation and cross-border testing.

Following this consultation, the group has finalised terms of reference for governance and membership of GFIN. These are to act as a network of regulators encouraging collaboration, offering a forum for joint RegTech work and knowledge sharing, and offering firms a safe environment to test cross-border offerings.

On the back of this, GFIN has launched a one-month application period for a pilot phase of its cross-border testing.

Companies interested in taking part have until 28 February to submit applications to relevant participating regulators. This means that a company wishing to test a solution in the UK, Australia and Hong Kong would need to meet the independent requirements of each country’s regulator.

Regulators will then decide whether a company meets its screening criteria, areas of interest and ability to support the activity. After this, the regulator will ensure essential safeguards are in place across their jurisdiction to ensure risk is considered and consumer protection and market integrity is maintained.

Pilot tests will last for a six-month period, unless extended by regulators.

Having outlined the terms of reference, GFIN has increased its size from its initial 12 founding members to now include 29 organisations.

The members in the group include:

Coordination Group

Australian Securities & Investments Commission (ASIC)  Australia

Central Bank of Bahrain (CBB)     Bahrain

Autorité des marchés financiers (AMF)   Québec, Canada

Guernsey Financial Services Commission (GFSC) Guernsey

Hong Kong Monetary Authority (HKMA) Hong Kong

Hong Kong Securities and Futures Commission (HKSFC)  Hong Kong

Astana Financial Services Authority (AFSA)           Kazakhstan

Monetary Authority of Singapore (MAS) Singapore

Dubai Financial Services Authority (DFSA)             United Arab Emirates

Financial Conduct Authority (FCA)            United Kingdom

Consumer Financial Protection Bureau (CFPB)     United States



Bermuda Monetary Authority (BMA)      Bermuda

Alberta Securities Commission (ASC)       Alberta, Canada

British Columbia Securities Commission (BCSC)   British Columbia, Canada

Ontario Securities Commission (OSC)      Ontario, Canada

Centrale Bank van Curaçao and Sint Maarten       Curaçao and Sint Maarten

Central Bank of Eswatini                Eswatini (Swaziland)

Magyar Nemzeti Bank (Central Bank of Hungary)               Hungary

Isle of Man Financial Services Authority (IOMFSA)             Isle of Man

Israel Securities Authority (ISA)  Israel

Jersey Financial Services Commission (JFSC)         Jersey

Capital Markets Authority (CMA, Kenya) Kenya

Bank of Lithuania (BL)    Lithuania

South African Reserve Bank (SARB)          South Africa

Abu Dhabi Global Market (ADGM)            United Arab Emirates



Qianhai Financial Authority          China

Consultative Group to Assist the Poor (CGAP)     Global

International Monetary Fund (IMF)          Global

World Bank Group           Global


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