Context
The FCA will be taking part in a cross-border testing initiative organised by the Global Financial Innovation Network (GFIN).
GFIN is a group of over 60 organisations which are committed to supporting financial innovation in the interests of customers. It seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. This includes the ability to conduct a cross-border test – a solution for firms wishing to test innovative products, services or business models across more than one jurisdiction.
It also aims to create a new framework for co-operation between financial services regulators on innovation-related topics, sharing different experiences and approaches.
Key points to note
- GFIN is inviting applications from firms which wish to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.
- The GFIN has developed a number of tools to assist firms which may wish to make an application.
- Firms interested in finding out more about the cross-border testing with the FCA can contact GFIN@fca.org.uk
Next Steps
Firms can find out more information and apply via the following link https://www.thegfin.com/crossborder-testing