The Global Financial Innovation Network (GFIN)
The Commission, in collaboration with 11 financial regulators and related organisations, is a founding member of the Global Financial Innovation Network (“GFIN”).
GFIN was created to provide a more efficient way for innovative firms to interact with regulators, and as a mean by which to help 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 by which they could work on innovation-related topics, and share different experiences and approaches.
GFIN's website includes a range of information and reports including:
- “GFIN – one year on: A reflection of GFIN’s achievements and challenges since inception, and its ambitions for the future;” and
- “GFIN – Cross-Border Testing: Lessons Learned.”
The Commission's role in GFIN:
The GFSC plays an active role in GFIN and sits on the Coordination Group. The Commission is a member of three GFIN groups: the Collaboration workstream, the Cross-border testing workstream, and the 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 also look forward to continuing our involvement in GFIN as membership continues to grow and new initiatives start to develop.