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Regulatory bodies open global sandbox

Regulatory bodies open global sandbox

An international network of financial regulatory bodies is calling for applications from firms wishing to test innovative financial products, services or business models across more than one country or jurisdiction.

Chaired by the UK's Financial Conduct Authority, the Global Financial Innovation Network comprises 29 regulatory bodies from across the world, Europe, with the aim of creating a cross-jurisidctional fintech sandbox.

The pilot cross-border testing follows last year’s consultation on the GFIN that garnered positive feedback for creating an environment that allows firms to simultaneously try and scale new technologies across multiple jurisdictions.

Firms interested in applying to take part in the pilot are invited to review the list of participating regulators and submit an application before the deadline - 28 February 2019.

The Network has also published a Terms of Reference for the group and is encouraging other regulators and international organisations to join.

Comments: (1)

David Gyori
David Gyori - BANKING REPORTS, LONDON - London 31 January, 2019, 17:39Be the first to give this comment the thumbs up 0 likes

This is ABSOLUTELY GREAT. I hope the Global Financial Innovation Network will grow even further.