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