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Bureau, World Regulators Create Global Financial Innovation Network
On Tuesday, August 7, 2018, the Bureau announced that they will be collaborating with 11 financial regulators and related organizations to create the Global Financial Innovation Network (GFIN). The 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 will also create a new framework for cooperation between financial services regulators on innovation-related topics.
The GFIN is organized around a draft consulting document that sets out three main proposed functions:
- Act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models;
- Provide a forum for joint policy work and discussions; and
- Provide firms with an environment in which to trial cross-border solutions.