The Global Financial Innovation Network (GFIN)
The Guernsey Financial Services Commission (“GFSC”), in collaboration with 11 financial regulators and related organisations, on 7 August 2018 announced the establishment of the Global Financial Innovation Network (“GFIN”), building on a proposal earlier this year to create a ‘global sandbox’.
GFIN was created to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale and test new ideas. It also created a new means of co-operation between financial services regulators to work on innovation-related topics, sharing different experiences and approaches.
GFSC’s role in GFIN:
The GFSC plays an active role in the GFIN having been one of the founding members and sits on the Coordination Group. The GFSC are members of three GFIN groups; Collaboration workstream, Cross-border testing workstream and RegTech workstream.
We were pleased to participate in the inaugural cross-border test pilot and remain committed to developing and improving that process for future rounds. We look forward to continuing our involvement as the GFIN membership continues to grow and new initiatives start to develop.
GFIN launched on 16 January 2020 a website: www.thegfin.com Here you can find a range of information and reports including:
- a Compendium of members;
- “GFIN – one year on” A reflection of the GFIN’s achievements and challenges since inception, and ambitions for the future; and
- “GFIN – Cross-Border Testing: Lessons Learned.
If you have any questions on the Guernsey Financial Services Commission’s role in the GFIN or any general questions on our approach to innovation in financial services in Guernsey please contact:
Emma Bailey, Director Authorisations and Innovation Division by email [email protected]