The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.
Twenty-three regulators across five continents are participating in this initiative, which builds on lessons learned following the GFIN’s 2019 cross-border testing pilot.
Cross-border testing 1.0
To facilitate the application process, the GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms, including:
• a single-entry application form for firms;
• a cross-border testing FAQs to help firms understand the process;
• an evolved ‘Regulatory Compendium’ clarifying the remit and interests of participating regulators and the types of innovation services available; and
• an extension of the application window to 9 weeks to allow firms more time to consider and prepare their applications.
Firms interested in applying to take part in cross-border testing should review the list of participating regulators and their respective Regulatory Compendiums and submit an application via the GFIN website before the 31 December deadline.
The following regulators are participating in cross-border testing.
|1||Australian Securities and Investments Commission (ASIC)||Australia|
|2||Central Bank of Bahrain (CBB)||Bahrain|
|3||Bermuda Monetary Authority (BMA)||Bermuda|
|4||Alberta Securities Commission (ASC)||Alberta, Canada|
|5||British Columbia Securities Commission (BCSC)||British Columbia, Canada|
|6||Ontario Securities Commission (OSC)||Ontario, Canada|
|7||Autorité des marchés financiers (AMF)||Quebec, Canada|
|8||Guernsey Financial Services Commission (GFSC)||Guernsey|
|9||Hong Kong Insurance Authority (IA)||Hong Kong|
|10||Hong Kong Monetary Authority (HKMA)||Hong Kong|
|11||Hong Kong Securities and Futures Commission (HKSFC)||Hong Kong|
|12||Magyar Nemzeti Bank (Central Bank of Hungary, MNB)||Hungary|
|13||Jersey Financial Services Commission (JFSC)||Jersey|
|14||Astana Financial Services Authority (AFSA)||Kazakhstan|
|15||Capital Markets Authority (CMA, Kenya)||Kenya|
|16||Bank of Lithuania (LB)||Lithuania|
|17||Monetary Authority of Singapore (MAS)||Singapore|
|18||Financial Services Commission Taiwan (FSC Taiwan)||Taiwan|
|19||Abu Dhabi Global Market (ADGM)||Abu Dhabi, United Arab Emirates|
|20||Dubai Financial Services Authority (DFSA)||Dubai, United Arab Emirates|
|21||Central Bank United Arab Emirates (CB UAE)||United Arab Emirates|
|22||Financial Conduct Authority (FCA)||United Kingdom|
|23||Consumer Financial Protection Bureau (CFPB)||United States of America|
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