GFIN selects eight firms for cross-border testing pilot
The Global Financial Innovation Network (GFIN) has chosen eight firms to develop testing plans with regulators for cross-border trials, reports Jane Connolly.
Formally launched in January – following the Financial Conduct Authority (FCA)’s 2018 proposal to create a global sandbox – the GFIN is a network of 35 financial regulators and related organisations “committed to supporting financial innovation in the interests of consumers”.
Following the announcement of a pilot phase for cross-border testing of new products, services or business models across more than one jurisdiction, 44 unique applications were received across 17 participating regulators.
The FCA says that a high number of applications were received from firms with RegTech and cryptoasset-related business models.
Those who develop testing plans that meet each jurisdiction’s criteria – some of which will involve live transactions – will progress to the pilot testing phase.
Participating regulators include the FCA, Bermuda Monetary Authority, Bank of Lithuania, Australian Securities and Investment Commission, Hong Kong Monetary Authority, Central Bank of Bahrain, Jersey Financial Services Commission and British Columbia Securities Commission.
Full details of the proposed tests can be found on the FCA’s website.