FCA announced that it will be among 23 regulators across five continents taking part in the cross-border testing initiative organized by the Global Financial Innovation Network (GFIN). GFIN is inviting applications from firms to test innovative financial products, services, business models, or regulatory technology across more than one country or jurisdiction. This builds on lessons learned following the 2019 cross-border testing pilot. The deadline to submit an application is December 31, 2020.
To support the application process, GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms, including a single-entry application form for firms, cross-border testing FAQs to help firms understand the process, and an evolved Regulatory Compendium clarifying the remit and interests of participating regulators and the types of innovation services available. GFIN is allowing an extension of the application window to 9 weeks to allow firms more time to consider and prepare their applications. Firms interested in applying to take part in cross-border testing are encouraged to review the list of participating regulators and their respective regulatory compendium and then submit an application via the GFIN website.
GFIN is a group of over 60 international organizations committed to supporting financial innovation in the interests of consumers. FCA chairs the GFIN Coordination Group, which sets the overall direction, strategy, and annual work program of the GFIN. Cross-border testing is an environment that allows firms to consecutively or concurrently trial and scale new technologies, products, or business models in multiple jurisdictions, gaining real-time insight into how a product or service might operate multiple markets. Firms wishing to test innovative fintech, regtech, and suptech solutions in multiple participating jurisdictions can apply for cross-border testing.
Keywords: Europe, UK, Banking, Securities, Insurance, GFIN, Fintech, Regtech, Suptech, Cross-Border Testing, FCA
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