The Guernsey Financial Services Commission (“GFSC”) has, in collaboration with 11 financial regulators and related organisations, today announced the establishment of the Global Financial Innovation Network (GFIN), building on a proposal earlier this year to create a ‘global sandbox’.
Recognising the global nature of today’s financial services the network will seek to provide a more efficient way for innovative firms to interact with regulators worldwide, helping them navigate between countries as they look to scale new ideas and technologies. It will also create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches. Guernsey participation in this network builds on our existing Innovation Soundbox, allowing global innovative firms to be welcomed in the Bailiwick.
The collaborative effort, involving regulators from around the world, is also today launching a consultation on the role the GFIN should play in delivering its objectives, including the tools it will use.
The consultation sets out the three main functions of the GFIN:
- act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models;
- provide a forum for joint policy work and discussions; and
- provide firms with an environment in which to trial cross-border solutions.
Given that this work is at an early stage of development, the Commission welcomes any outside interest in this subject and contributions to the consultation. Click here for the Consultation Paper.