Global Financial Innovation Network Publishes Progress Report
06/28/2019The Global Financial Innovation Network, the group of financial regulators established in 2018 to support international financial innovation, has published a report on the progress made during its first year. The group is made up of 35 global regulators from 21 jurisdictions that work together to share knowledge and market experiences and enable innovative firms to interact with a network of regulators.
The GIFN's key achievements in its first year have included:
- Publication of the GFIN's first consultation paper (concluded in October 2018), which sought feedback from financial services firms and regulators, technology companies and providers, trade bodies, academia, consumer groups and other stakeholders on the role the GFIN should play, the tools it should use and how it should prioritize its activities;
- Agreements upon the governance and membership model for the GFIN;
- Establishment of core workstreams for the GFIN, which consist of: (i) the Coordination Group that sets the overall direction, strategy and annual work program of the GFIN; (ii) a collaboration workstream that focuses on enabling collaboration between regulators; (iii) a cross-border testing workstream that will run cross-border testing of innovative products and services; and (iv) a workstream covering RegTech, focusing on sharing RegTech knowledge, collaborating on areas of mutual interest, sharing of resources and lessons learned; and
- Launch of the first cross-border pilot program in which firms will be selected to test a range of innovative products and services.
The report also considers the group's priorities for the future. Going forward, the Co-ordination Group will meet twice a year to discuss direction, strategy and the annual work program for the workstreams. It intends to formalize its approach for cross-border testing to facilitate a faster and more efficient process that will enable firms to implement innovation more quickly. It is also focusing on RegTech and how the Group can support regulatory responses to innovation in emerging markets.
View the GFIN's report.
View the GFIN's consultation paper.
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