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.”
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