11 financial regulators have announced the creation of the Global Financial Innovation Network, a partnership intended to support businesses to engage in innovative financial technology projects in their territories.
The regulators include those of some low-tax financial centers keen to attract FinTech startups to their territories. The partnership is intended to facilitate the exchange of information and best practices among the regulators, to enable them to hone their regulatory regimes for such business, and support businesses seeking to launch new projects.
The project features the following 11 organizations:
- The Abu Dhabi Global Market;
- The autorite des marchés financiers, France’s stock market regulator;
- The Australian Securities and Investments Commission;
- The Central Bank of Bahrain;
- The Bureau of Consumer Financial Protection;
- The Dubai Financial Services Authority;
- The Financial Conduct Authority;
- The Guernsey Financial Services Commission;
- The Hong Kong Monetary Authority;
- The Monetary Authority of Singapore;
- The Ontario Securities Commission; and
- The Consultative Group to Assist the Poor.
According to a statement issued by several of its members, “The network will seek 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. It will also create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.”
In a new consultation on the GFIN’s objectives, it is proposed that GFIN will:
- 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.
Input is being sought from innovative financial services firms, financial services regulators, technology companies, technology providers, trade bodies, accelerators, academia, consumer groups and other stakeholders.