In January 2019, a group of regulatory authorities around the world, including the ISA, launched the Global Financial Innovation Network (GFIN), an international framework for promoting financial innovation. The network includes more than 50 organizations, including regulators and international bodies such as the International Monetary Fund and the World Bank Group, that are committed to supporting financial innovation along with safeguarding the public interest. The initiative to establish the international network was led by the Financial Conduct Authority (FCA) (UK) with other authorities aiming to create an international platform for sharing practical and innovative knowledge among leading regulators. The initiative also aims to provide a global sandbox program for innovative firms.
GFIN aims to provide an effective way for innovative companies to interact with the various regulators in a way that will help those companies navigate across countries. GFIN also aims to create a new framework for collaboration between regulators on innovation-related issues, in order to share their experience and approaches. The International Sandbox is intended for companies looking to test innovative products, services or business models in multiple jurisdictions.
For more information visit the GFIN website.