UK Financial Authority Creates The Global Financial Innovation Network (GFIN)

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FT
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  • The UK Financial Conduct Authority (FCA), together with 11 global financial regulators have collaborated to create the Global Financial Innovation Network (GFIN)

 

  • The development comes from the idea of a ‘global sandbox’, which was announced earlier in the year

 

  • GFIN will come together and work between countries to collaborate and exchange ideas on FinTech innovations. The key areas will include regulation, governance, emerging technologies such as AI, regulation of securities, Initial Coin Offerings (ICO), Know Your Customer (KYC) and Anti-Money Laundering (AML)

 

  • Christopher Woolard, FCA Executive Director of Strategy and Competition and Board member commented, “The establishment of the GFIN can 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.”

 

  • GFIN members include:

Abu Dhabi Global Market (ADGM)

Autorité des marchés financiers (AMF)

Australian Securities & Investments Commission (ASIC)

Central Bank of Bahrain (CBB)

Bureau of Consumer Financial Protection (BCFP, USA)

Dubai Financial Services Authority (DFSA)

Financial Conduct Authority (FCA, UK)

Guernsey Financial Services Commission (GFSC)

Hong Kong Monetary Authority (HKMA)

Monetary Authority of Singapore (MAS)

Ontario Securities Commission (OSC, Canada)

Consultative Group to Assist the Poor (CGAP)

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