2018 saw the launch of the Global Financial Innovation Network
(GFIN), a collaborative initiative between
financial services regulators around the world, designed to enable
better understanding and testing of innovative products and
technologies across multiple jurisdictions. The idea is for GFIN to
provide a forum for sharing knowledge, practical learning and
growing experience to enable consistent application of regulation.
This will include cross-border testing projects, aimed at areas
such as financial inclusion, consumer protection, stability and
financial integrity.
The launch of GFIN follows a successful year for the
“sandbox” initiative that the Financial Conduct
Authority in the UK brought to market around a year ago. Following
a period of consultation and review at the end of last year on its
mission and primary functions, GFIN formally launched in January
2019.
