FCA Reports on Work Done by Global Financial Innovation Network
FCA published a report that details the work undertaken by the Global Financial Innovation Network (GFiN ) in its first year, the challenges it has faced, and the plans it has for future. GFiN is a network of international regulators and related organizations that are committed to supporting financial innovation and to creating a framework for co-operation between regulators to share experiences and approaches to innovation.
As of June 2019, GFiN has 35 financial services regulators with full membership and seven observers. Its goal is not to create harmonized regulatory standards across jurisdictions but to provide a space for regulators to discuss, interact, and give innovative firms an avenue to test across borders. Over the next year, GFiN intends to focus on formalizing its approach for cross-border testing based on lessons learned from the pilot program. GFiN is also working in the regtech work stream to create cross-jurisdictional tests and proofs of concept regarding supervisory technologies or technologies that facilitate compliance for regulated firms. It is expected that GFiN regulators and stakeholders can learn from these trials and be in a position to implement the utilized technology. A key part of the GFiN 's work over the next year will also be to focus on how it can support emerging markets to help define, shape, and develop their respective regulatory markets approaches to innovation. GFiN will continue to encourage regulators in these markets to join GFiN to benefit from information-sharing and collaborative working environment.
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Keywords: International, Europe, UK, Banking, Insurance, Securities, Regtech, Suptech, Fintech, GFiN, Cross-Border Testing, FCA
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