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GFIN

The Global Financial Innovation Network

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.
If you have questions or need any assistance, we're here to help.

GFIN members in cross-border pilot project

Abu Dhabi Global Market

Contact: Barry West
E-mail: barry.west@adgm.com
FinTech ADGM

Australian Securities & Investments Commission

Contact: Cuihua Cartwright
E-mail: cuihua.cartwright@asic.gov
ASIC

Bermuda Monetary Authority

Contact: Moad Fahmi
Email: innovate@bma.bm
BMA

British Columbia Securities Commission

Contact: Zach Masum
Email: techteam@bcsc.bc.ca
BCSC

Ontario Securities Commission

Contact: Pat Chaukos
E-mail: osclaunchpad@osc.gov.on.ca
OSC

Autorité Des Marchés Financiers

Contact: Lise-Estelle Brault
E-mail: lise-estelle.brault@lautorite.qc.ca
AMF

Hong Kong Monetary Authority

Contact: Yvonne Tsui
E-mail: FinTech@hkma.gov.hk
HKMA

Hong Kong Securities and Futures Commission

Contact: Clara Chiu
E-mail: cklchiu@sfc.hk
HKSFC

Magyar Nemzeti Bank (Central Bank of Hungary)

Contact: Anikó Szombati
E-mail: szombatia@mnb.hu
Magyar Nemzeti Bank

Bank of Lithuania

Contact: Jekaterina Govina
E-mail: JGovina@lb.lt
Bank of Lithuania (LB)

Monetary Authority of Singapore

Contact: Damien Pang
E-mail: Damien_pang@mas.gov.sg
MAS

Astana Financial Services Authority

Contact: Assylbek Davletov
E-mail: a.davletov@afsa.kz
AFSA

Financial Conduct Authority

Contact: Paul Worthington
E-mail: paul.worthington@fca.org.uk
FCA (UK)

Guernsey Financial Services Commission

Contact: Brett Bewey
E-mail: innovate@gfsc.gg
GFSC

Central Bank of Bahrain

Contact: Yasmeen Al Sharaf
E-mail: yasmeen@cbb.gov.bh
CBB

Dubai Financial Services Authority

Contact: Alicia Kedzierski
E-mail: akedzierski@dfsa.ae
DFSA

Jersey Financial Services Commission

Contact: Olenka Apperley
E-mail: innovate@jerseyfsc.org
JFSC

Consumer Financial Protection Bureau

Contact: Paul Watkins
E-mail: officeofinnovation@cfpb.gov
CFPB (USA)

Abu Dhabi is a hub for FinTech innovation

Abu Dhabi innovation agenda

Abu Dhabi is committed to promoting growth in technology innovation and encouraging competition within the FinTech sector. 

Safe and stable

Ranked one the safest cities in the world, Abu Dhabi offers world-class infrastructure, including housing, schools, sporting facilities, cultural institutions and events with convenient international transportation links globally.

Strategically located

Conveniently positioned globally with time zones and at the crossroads of major trading routes, Abu Dhabi is in close proximity to the world's fastest growing markets.

Why set up your FinTech business in ADGM

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FinTech hub

ADGM is rated to be one of the world's leading FinTech jurisdictions with a flourishing ecosystem and with the world's second most active FinTech regulatory sandbox.
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Full ecosystem

ADGM offers a full ecosystem of legal, accounting and servicing firms and enables the optimisation of businesses.
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Collaboration

By providing a Digital Sandbox environment, a cloud-hosted platform for start-ups, ADGM encourages collaborative growth alongside institutional partners, in addition to providing an opportunity to integrate FinTech solutions with banking data and functionality, to test for scalability and robustness.
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Growth potential

ADGM hosts world-leading fund managers with a strong technology focus, such as SoftBank, in addition to more traditional asset managers including Aberdeen Asset Management, and BNP Paribas.
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Global Financial Innovation Network

With the Global Financial Innovation Network, ADGM facilitates an international regulators' group that allows FinTechs to test their products in multiple jurisdictions simultaneously, with interaction from each country's financial regulators.
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Business friendly

ADGM tailors its regulatory frameworks to encourage responsible investment through for example its Venture Capital Fund regime.

Other Fintech solutions

RegLab

The ADGM RegLab is a specially-tailored regulatory framework which provides a controlled environment for FinTech participants to develop and test innovative FinTech solutions.

As the first RegLab in the region and the world’s second most active FinTech sandbox, the RegLab is designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions.

ADGM FinTech Digital Lab

The ADGM FinTech Digital Lab supports and enables the creation of APIs, System Virtual Machines, data and applications that connect legacy systems of Financial Institutions to FinTechs, more established technology providers and other relevant parties in a cost-effective and scalable manner, hosted securely on the cloud.

To promote industry adoption, interoperability, financial inclusion and convergence to higher standards, ADGM is developing tools and guidance on the standards and IT security requirements for open APIs and cloud adoption.

FinTech

Abu Dhabi has recently been recognised as the top FinTech hub in MENA region with ADGM actively championing the development of a sustainable and vibrant FinTech ecosystem, setting many 'firsts' for the MENA region, including the first FinTech Regulatory regime and the first FinTech RegLab which today is the world's second most active FinTech sandbox after London.

At ADGM we recognise the importance of technological innovation in the financial services industry. We can play a meaningful role in supporting innovation and growth in FinTech, while promoting systemic safety and consumer protection. As a centre of connectivity and located half-way between the European and Asian markets, Abu Dhabi is a crossroads of the world where ADGM's strategic partnerships with other regulators and the private sector underpin a vibrant FinTech ecosystem.

The ADGM RegLab is a specially-tailored regulatory framework which provides a controlled environment for FinTech participants to develop and test innovative FinTech solutions.

As the first RegLab in the region and the world’s second most active FinTech sandbox, the RegLab is designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions.

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