The UK's Financial Conduct Authority (FCA) has announced the
launch of the Global Financial Innovation Network (GFIN), an
association of 29 regulatory bodies (Members) which will cooperate
to promote innovation and share experiences and approaches to
supervising new technologies in the financial services sector.
The proposal to launch the GFIN was set out in a consultation
paper in August 2018, and has received strong industry support. A
key GFIN initiative is a pilot scheme allowing firms to test
innovative products, services or business models across more than
one jurisdiction – referred to by the FCA as a "global
sandbox".
We summarise below some of the key elements of the GFIN and the
practical opportunities for firms under this initiative.
