Global Financial Innovation Network ( GFIN )

Global Financial Innovation Network ( GFIN ) 

The Global Financial Innovation Network (GFIN) was formerly launched in January 2019 by an international group of financial regulators and related organisations, including the Financial Conduct Authority (FCA). This built on the FCA’s early 2018 proposal to create a global sandbox. The GFIN is a network of 29 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 a pilot 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.

GFIN’s functions and terms of reference for governance and membership

Post a public consultation in August 2018, the GFIN’s Terms of Reference for Governance and Membership of the group is available here. The 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.
Fintech with ADGM 

GFIN Cross Border Testing (“CBT”)

Global Financial Innovation Network invites firms to participate in cross-border testing

The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.

Twenty-three regulators across five continents are participating in this initiative, which builds on lessons learned following the GFIN’s 2019 cross-border testing pilot.

Cross-border testing 1.0

To facilitate the application process, the GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms, including:

  • a single-entry application form for firms;
  • a cross-border testing FAQs to help firms understand the process;
  • an evolved ‘Regulatory Compendium’ clarifying the remit and interests of participating regulators and the types of innovation services available; and
  • an extension of the application window to 9 weeks to allow firms more time to consider and prepare their applications.

Firms interested in applying to take part in cross-border testing should review the list of participating regulators and their respective Regulatory Compendiums and submit an application via the GFIN website before the 31 December deadline.

GFIN Members in Cross-Border Pilot Project

Abu Dhabi Global Market (ADGM)

Contact: Barry West E-mail: Website:

Australian Securities & Investments Commission (ASIC)

Contact: Cuihua Cartwright E-mail: Website:

Bermuda Monetary Authority (BMA)

Contact: Moad Fahmi Email: Website:

British Columbia Securities Commission (BCSC) (British Columbia, Canada)

Contact: Zach Masum Email: Website:

Ontario Securities Commission (OSC) (Ontario, Canada)

Contact: Pat Chaukos E-mail: Website:

Autorité des marchés financiers (AMF) (Québec, Canada)

Contact: Lise-Estelle Brault E-mail: Website:

Hong Kong Securities and Futures Commission (HKSFC)

Contact: Clara Chiu E-mail: Website:

Magyar Nemzeti Bank (Central Bank of Hungary)

Contact: Anikó Szombati E-mail: Website:

Astana Financial Services Authority (AFSA) (Astana, Kazakhstan)

Contact: Assylbek Davletov E-mail: Website:

Bank of Lithuania (LB)

Contact: Jekaterina Govina Email: Website:

Central Bank of Bahrain (CBB)

Contact: Yasmeen Al Sharaf Email: Website:

Dubai Financial Services Authority (DFSA)

Contact: Alicia Kedzierski E-mail: Website:

Financial Conduct Authority (FCA, UK)

Contact: Paul Worthington E-mail: Website:

Guernsey Financial Services Commission (GFSC)

Contact: Brett Bewey Email: Website:

Jersey Financial Services Commission (JFSC)

Contact: Olenka Apperley E-mail: Website:

Consumer Financial Protection Bureau (CFPB) (USA)

Contact: Paul Watkins Email: Website: