The FCA has announced the creation of the Global Financial Innovation Network (GFIN).
The financial services regulator collaborated with 11 financial regulators and related organisations from around the world in the creation of the network.
The GFIN will look to provide a more efficient way for innovative firms to interact with regulators, helping them to navigate between countries as they look to scale new ideas.
The network will also form a new framework for co-operation between financial services regulators on innovation-related topics, sharing different experiences and approaches.
The collaborative effort – which involved regulators from around the world – has also launched a consultation on the role the GFIN should play in delivering its objectives, including the tools it will use.
The consultation set out the three main functions of the GFIN:
• act as a network of regulators to collaborate and share experiences of innovation in respective markets, including emerging technologies and business models
• provide a forum for joint policy work and discussions
• provide firms with an environment in which to trial cross-border solutions.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Monese introduces student account
Monese has launched a student account for international and domestic students...
Tide secures £8m of funding
Tide has received £8m of new funding as it plans to move into its next stage of growth...
Starling Bank introduces personal loan products
Starling Bank has launched its first personal loan products offering up to £5,000...
Industry reacts to bank service league tables
Earlier this week, the Competition and Markets Authority (CMA) released the survey results ranking banks on their quality of service...
So you've signed up to the Women in Finance Charter – what now?
In July, it was revealed that 272 companies had signed up to HM Treasury’s Women in Finance Charter, covering over 760,000 financial services employees in the UK...
OakNorth completes its largest deal to date
OakNorth has completed its largest deal to date with a £40.2m property investment loan to Select Property Group...
Industry predicts the future of banking
Banking is forever evolving, with new entrants to the market and modern technology being introduced on a regular basis...
Triodos Bank provides £7m facility to First Choice Housing Association
Triodos Bank has provided £7m of funding to First Choice Housing Association (FCHA), which provides accommodation for vulnerable people across Wales and Shropshire...
The role of banks in the smart city
Smart city is a great buzzword. The term envisages a city where information and communication technologies like ‘the internet of things’ are connected to enhance the quality and performance of urban cities and thus urban living itself...
Tesco Bank offers cashback remortgage products
Tesco Bank has started offering customers cashback on a new range of remortgage products...
Handelsbanken ranks top for business current account service
Handelsbanken has topped the rankings of Great British SME current account providers, according to a survey ordered by the Competition and Markets Authority (CMA)...