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18-232MR Consultation on the proposed establishment of a Global Financial Innovation Network
The Australian Securities and Investments Commission (ASIC) is, in collaboration with 11 international financial regulators, and related organisations, consulting on the proposed creation of the Global Financial Innovation Network (GFIN).
The proposed 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 would also create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
The collaborative effort, involving regulators from around the world, is also today issuing a joint consultation paper on the proposed role the GFIN should play in delivering its objectives, including the tools it will use.
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.
As part of the consultation, the group is seeking views on the mission statement for the GFIN, its proposed functions, and where it should prioritise activity. The group is also keen to hear from other interested regulators or related organisations who wish to get involved.
John Price, Commissioner commented:
“The proposal for a Global Financial Innovation Network (GFIN) is a really important concept for regulators like ASIC who are actively engaged in understanding and harnessing the benefits of innovation in financial services for consumers, while managing the potential harm.
“There is great potential through a group like the GFIN to 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.”
The working group is asking for feedback on the consultation questions by 14 October 2018. Over the course of the next two months, the group will engage with interested parties across the different jurisdictions involved in the project. In late October, the working group will assess feedback and agree on next steps.
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 Consumer Financial Protection Bureau; Dubai Financial Services Authority; Financial Conduct Authority (UK); Guernsey Financial Services Commission; Hong Kong Monetary Authority; Monetary Authority of Singapore; Ontario Securities Commission; and Consultative Group to Assist the Poor (CGAP).