GFIN23 Jan 2024 20:33
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Global Financial Innovation Network (GFIN)
First published: 31/01/2019 Last updated: 15/02/2023 See all updates
The Global Financial Innovation Network (GFIN) was formally launched in January 2019 by an international group of financial regulators and related organisations, including the FCA. We explain about the GFIN's work.
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The GFIN built on the FCA’s early 2018 proposal to create a global sandbox. The FCA now leads and chairs the network of more than 70 organisations committed to supporting financial innovation in the interests of consumers.
The GFIN seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. This includes the ability to conduct a cross-border test – a solution for firms wishing to test innovative products, services or business models across more than one jurisdiction.
It also aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
As part of its commitment to be an open initiative, the GFIN launched its own website in January 2020. The website provides information about the GFIN’s membership, cross-border testing and publications produced by the GFIN since its launch.
GFIN – development and progress
In June 2019, the GFIN published a report setting out the progress made in its first year, the challenges it has faced, and its ambitions and plans for the future. It also describes the work done to engage with stakeholders.
The GFIN was originally proposed in a consultation paper in August 2018. The GFIN received 99 responses from 26 jurisdictions in response to the consultation paper. The response from industry and other international regulators was overwhelmingly positive in favour of establishing the GFIN to facilitate a new practical method of regulatory collaboration on innovation and creating an environment for cross-border testing.
Following this consultation, the GFIN finalised terms of reference for governance and membership of the group and confirmed 3 primary functions:
To act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models, and to provide accessible regulatory contact information for firms.
To provide a forum for joint RegTech work and collaborative knowledge sharing/lessons learned.
To provide firms with an environment in which to trial cross-border solutions.
After the end of the consultation, the GFIN discussed further development of our core functions and next steps of the network. Alongside discussions on the sharing of experience, regulators involved agreed to launch a pilot phase of cross-border testing (for firms) and to formalise the membership and governance structure for regulators and international organisations inter
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