Regulators and related organisations from across the world are consulting on the creation of a Global Financial Innovation Network (GFIN).
It will involve 11 bodies and include organisations from Australia, Bahrain, Canada, Guernsey, Hong Kong, Singapore, the UK, the UAE and the US.
A consultation, which closes on 14 October, sets out GFIN’s three main functions:
- 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.
As part of the consultation, the group is seeking views on the mission statement for the GFIN, its proposed functions, and where it should prioritise activity.
It is also keen to hear from other interested regulators or related organisations that wish to get involved.
John Price, Australian Securities Commissioner, commented: “The proposal for a Global Financial Innovation Network is a really important concept for regulators like [the Australian Securities and Investments Commission] who are actively engaged in understanding and harnessing the benefits of innovation in financial services for consumers, while managing the potential harm.
“There is great potential through a group like the GFIN to help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.”
The organisations involved in the GFIN at present are:
- Abu Dhabi Global Markets;
- Autorité des marchés financiers (Québec);
- Australian Securities & Investments Commission;
- Central Bank of Bahrain;
- United States Consumer Financial Protection Bureau;
- Dubai Financial Services Authority;
- Financial Conduct Authority (UK);
- Guernsey Financial Services Commission;
- Hong Kong Monetary Authority;
- Monetary Authority of Singapore;
- Ontario Securities Commission; and,
- Consultative Group to Assist the Poor (CGAP).
