DFSA

News

Back to news
11 Nov 2020, 11:45 am

Global Financial Innovation Network invites firms to participate in cross-border testing

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. 

   Regulatory Authority Jurisdiction
  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


 

For better web experience, please use the website in portrait mode