Featured Product

    GFIN Invites Applications for Fintech Cross-Border Testing

    November 19, 2020

    The Global Financial Innovation Network (GFIN) is inviting applications from firms, by December 31, 2020, to test innovative financial products, services, business models, or regulatory technology across more than one country or jurisdiction. Also published is the list of 23 regulators across five continents that are participating in this cross-border testing initiative, which builds on lessons learned from the 2019 cross-border testing pilot of GFIN. Yet another development involves the official recognition of MFSA as a GFIN member. MFSA announced that, in line with its fintech strategy, it will continue to identify and establish links and fintech bridges with different jurisdictions, both in and outside the EU.

    Building on the solutions announced in the lessons learned report (including the GFIN website and regulatory compendium) based on the 2019 testing pilot, GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms:

    • Single-entry application form to simply the process for firms
    • Cross-border testing FAQs to help firms understand the process
    • An evolved "Regulatory Compendium" clarifying the remit and interests of participating regulators and the types of innovation services available
    • An extension of the application window to 9 weeks to allow firms more time to consider and prepare their applications

    GFIN is a group of over 60 international organizations committed to supporting financial innovation in the interests of consumers. The GFIN cross-border testing workstream has now grown from 17 regulators to a group of 23 from across five continents. This group has committed to using the valuable experience and feedback gained from the pilot to evolve the testing framework to better support participating firms and regulators alike. 

     

    Related Links

    Keywords: International, Europe, Malta, Banking, Insurance, Securities, Fintech, Regtech, GFIN, Cross-Border Testing, Dubai FSA, MFSA

    Related Articles
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    News

    HKMA to Increase Focus on Suptech and Regtech Cloud Adoption

    HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.

    June 17, 2021 WebPage Regulatory News
    News

    EC Consults on Improving Transparency in Secondary Markets for NPLs

    EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).

    June 16, 2021 WebPage Regulatory News
    News

    BIS and Nordic Central Banks Launch Innovation Hub in Stockholm

    BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked

    FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.

    June 16, 2021 WebPage Regulatory News
    News

    EC Releases Sustainable Finance Taxonomy Compass

    EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Proposes Amendments to Real Estate Lending Standards

    FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.

    June 15, 2021 WebPage Regulatory News
    News

    EIOPA to Consider Liquidity Risk in Stress Test for 2021

    EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.

    June 15, 2021 WebPage Regulatory News
    News

    ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending

    The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.

    June 15, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7116