Regulators look to establish FinTech's global innovation sandbox

Eleven financial regulators are working together to explore the development of a worldwide sandbox for innovation after the success of the initiative in several countries.

The Global Financial Innovation Network (GFIN) will aim to build existing bilateral cooperation agreements between bodies for a more extensive and in-depth sharing of information on investment innovation.

Those involved include the Financial Conduct Authority (FCA) of the United Kingdom, the Autorité des marchés financiers in Québec, the Hong Kong Monetary Authority (HKMA), the Monetary Authority of Singapore, among the others.

The three main objectives of the GFIN will act as a network of regulators to share experiences of innovation in national markets, providing a forum for joint political work and providing businesses with an environment to test cross-border services.

"The creation of the global financial innovation network is an important next step for organizations like ours that are active Elys is committed to understanding and exploiting the benefits of innovation in consumer financial services, while managing the potential harm, "said Christopher Woolard, executive director of strategy and competition FCA

" The establishment of the GFIN can help to share experiences and knowledge from different markets, also providing a platform for innovative companies wishing to scale their proposals through tests in several countries. "

The initial idea for the global sandbox was presented in February and a consultation revealed that market participants were enthusiastic about the idea of ​​cross-border regulatory collaboration [19659002] "The opportunities and challenges created by fintech are not bound by jurisdictional boundaries," added Howard Lee, deputy chief executive of HKMA.

"The GFIN initiative will enable regulators around the world to share experiences and knowledge in realizing the benefits while managing risks." HKMA is delighted to be one of the founders of the initiative and does not see now to facilitate the creation of a healthy ecosystem in fintech. "

GFIN has now started another consultation and is looking for feedback on the main objectives of the network. The answers will be accepted until October 14th.

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