The Global Financial Innovation Network (GFIN)[1] – a group of 29 international organisations including the Financial Conduct Authority – is inviting applications from firms wishing to test innovative financial products, services or business models across more than one country or jurisdiction.
Currently chaired by the FCA, the GFIN is an international network of organisations committed to supporting financial innovation in the interests of consumers. The network was developed following the FCA’s earlier proposal to create a global sandbox. The FCA’s sandbox, which allows firms to test innovative ideas in a live market environment, was a first for financial services regulators across the world.
Now international regulators and bodies have joined forces to launch a pilot for firms that wish to test innovative products and services across international markets. The pilot tests will provide a more efficient way for innovative firms to interact with regulators across the world, as they look to scale new ideas. Each regulator will make sure that appropriate safeguards for their jurisdiction are in place for the tests.
Firms interested in applying to take part in the pilot in the UK should review the list of participating regulators and submit an application[2] before the deadline – 28 February 2019.
The Network has also published a Terms of Reference[3] for the group and is encouraging other regulators and international organisations to join.
This is part of the FCA’s work to encourage innovation. Innovation can increase competition and reduce costs, offering consumers better value products and services.