Global Finance Innovation Network
The GFIN is a network of over 50 organisations committed to supporting financial innovation in the interests of consumers.
The GFIN seeks 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. This includes a pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction.
It also aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
The GFIN’s functions
The GFIN was proposed in a consultation paper in August 2018 and 99 responses from 26 jurisdictions were received. The response from industry and other international regulators was overwhelmingly positive in favour of establishing the GFIN to facilitate a new practical method of regulatory collaboration on innovation and creating an environment for cross-border testing.
Following this consultation, the GFIN has finalised terms of reference for governance and membership of the group (PDF 544 KB) and confirmed 3 primary functions:
- To act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models, and to provide accessible regulatory contact information for firms.
- To provide a forum for joint regtech work and collaborative knowledge sharing/lessons learned.
- To provide firms with an environment in which to trial cross-border solutions.
Since the end of the consultation, the GFIN has discussed further development of core functions and next steps of the Network. Alongside discussions on the sharing of experience, regulators involved agreed to coordinate a pilot phase of cross-border testing (for firms) and to formalise the membership and governance structure for regulators and international organisations interested in joining the Network.
- Following the consultation feedback, the GFIN opened a 1 month application period for a pilot phase of cross-border testing. Interested firms were asked to submit applications to relevant participating regulators by 28 February 2019.
- As part of the finalised terms of reference for governance and membership, expanding from the founding 12 members, the group is now a global dialogue with 35 member regulators and 8 observers across 21 jurisdictions.
Financial regulators and related organisations with a commitment to supporting innovation in the interest of consumers are invited to join.
For more information on the GFIN, visit www.thegfin.com.