On 8 August, ASIC stated that it is, in collaboration with 11 international financial regulators, and related organisations, consulting on the proposed creation of the Global Financial Innovation Network (GFIN).
The proposed network will seek 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. It would also create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
The consultation paper states the GFIN is a collaborative policy and knowledge sharing initiative aimed at advancing areas including financial integrity, consumer wellbeing and protection, financial inclusion, competition and financial stability through innovation in financial services, by sharing experiences, working jointly on emerging policy issues and facilitating responsible cross-border experimentation of new ideas.
The working group is asking for feedback on the consultation questions by 14 October.