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Global financial regulators team up to launch global fintech sandbox
The UK Financial Conduct Authority (FCA), together with 11 global financial regulators and related organisations, has announced the formation of the Global Financial Innovation Network (GFIN).
The initiative builds on the FCA’s proposal earlier this year to create a ‘global sandbox’. The FCA said that it received 50 responses to the earlier paper, with key themes centered on regulatory cooperation, speed to market, governance, and emerging technologies including artificial intelligence (AI), distributed ledger technology (DLT), regulation of securities and Initial Coin Offerings (ICOs), and know your customer (KYC), among others.
Participating organizations include 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).
GFIN aims to provide a platform for innovative firms to better interact with regulators and trial cross-border solutions. In addition, it will also create a framework to facilitate co-operation between financial services regulators on innovation.
“The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries,” Christopher Woolard, FCA Executive Director of Strategy and Competition and Board member, said.
The GFIN has launched a consultation on the role it should play in order to deliver its objectives, including the tools it will use. It is seeking views on the mission statement for the GFIN, its proposed functions, and where it should prioritise activity.
The group has set 14 October 2018 as the deadline for the feedback on the consultation questions and will assess feedback and agree on next steps in the autumn.