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
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...