Global Financial Innovation Network Organizes Cross-Border Testing Initiative

The Global Financial Innovation Network (GFIN), an international Fintech regulatory initiative created by the UK Financial Conduct Authority, will be hosting a cross-border testing initiative that will include 23 different regulators from 5 different continents. In 2019, GFIN completed a cross-border testing pilot.

GFIN is a group of over 60 international organizations committed to supporting Fintech innovation in the interests of consumers.

The FCA currently chairs the GFIN’s Coordination Group, which sets the overall direction, strategy, and annual work program of the GFIN.

GFIN is also inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than 1 country or jurisdiction.

GFIN has reportedly 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
  • 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
  • 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 may submit an application via the GFIN website before the December 31, 2020 deadline.

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