Global Financial Innovation Network Opens Applications for Cross Border Testing

https://thefintechtimes.com/global-financial-innovation-network-opens-applications-for-cross-border-testing/
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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

https://thefintechtimes.com/global-financial-innovation-network-opens-applications-for-cross-border-testing/