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.”