The Global Financial Innovation Network (GFIN) has been formally launched by an international group of financial regulators and related organisations. The GFIN is a network of 29 organisations of which 17 are currently offering cross-border trials for firms wishing to test FinTech products, services or business models across more than one jurisdiction. Those offering trials include the UK Financial Conduct Authority, the Australian Securities & Investments Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Monetary Authority of Singapore and the Dubai Financial Services Authority. GFIN members that are not participating in the initial trial scheme include the Consumer Financial Protection Bureau, the Abu Dhabi Global Market, the Israel Securities Authority and the Jersey Financial Services Commission.

The GFIN has three primary functions:

  • To act as a network of regulators to collaborate and share experience of innovation in respective markets and to provide accessible regulatory contact information for firms.
  • To provide a forum for joint RegTech work and collaborative knowledge sharing.
  • To provide firms with an environment in which to trial cross-border solutions.

The GFIN has opened a one month application period for a pilot phase of cross-border testing. Interested FinTech firms are asked to submit applications to relevant participating regulators by 28 February 2019. Pilot tests will run for a six month period, unless regulators agree to extend them. Since GFIN cannot override national legislation, a separate application is required to each regulator that firms would like to test with. GFIN members will then coordinate with each other around the application