The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.
Twenty-three regulators across five continents are participating in this initiative, which builds on lessons learned following the GFIN’s 2019 cross-border testing pilot.
To facilitate the application process, the GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms, including:
- a single-entry application form for firms;
- a cross-border testing FAQs to help firms understand the process;
- an evolved ‘Regulatory Compendium’ clarifying the remit and interests of participating regulators and the types of innovation services available; and
- an extension of the application window to 9 weeks to allow firms more time to consider and prepare their applications.
Firms interested in applying to take part in cross-border testing should review the list of participating regulators and their respective Regulatory Compendiums and submit an application via the GFIN website before the 31 December deadline.
Participating Regulators include:
- Australian Securities and Investments Commission (ASIC) -Australia
- Central Bank of Bahrain (CBB) – Bahrain
- Bermuda Monetary Authority (BMA) – Bermuda
- Alberta Securities Commission (ASC) – Canada
- British Columbia Securities Commission (BCSC) – Canada
- Ontario Securities Commission (OSC) – Canada
- Autorité des marchés financiers (AMF) – Canada
- Guernsey Financial Services Commission (GFSC) – Guernsey
- Hong Kong Insurance Authority (IA) – Hong Kong
- Hong Kong Monetary Authority (HKMA) – Hong Kong
- Hong Kong Securities and Futures Commission (HKSFC) – Hong Kong
- Magyar Nemzeti Bank (Central Bank of Hungary, MNB) – Hungary
- Jersey Financial Services Commission (JFSC) – Jersey
- Astana Financial Services Authority (AFSA) – Kazakhstan
- Capital Markets Authority (CMA) – Kenya
- Bank of Lithuania (LB) – Lithuania
- Monetary Authority of Singapore (MAS) – Singapore
- Financial Services Commission Taiwan (FSC Taiwan) – Taiwan
- Abu Dhabi Global Market (ADGM) – United Arab Emirates
- Dubai Financial Services Authority (DFSA) – United Arab Emirates
- Central Bank United Arab Emirates (CB UAE) – United Arab Emirates
- Financial Conduct Authority (FCA) – United Kingdom
- Consumer Financial Protection Bureau (CFPB) – United States of America