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News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Global regulatory sandbox GFIN opens for applications

Source: FCA

The FCA will be among 23 regulators across 5 continents taking part in the cross-border testing initiative organised by the Global Financial Innovation Network (GFIN).

GFIN is a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers. The FCA currently chairs the GFIN’s Coordination Group, which sets the overall direction, strategy and annual work programme of the GFIN.

GFIN is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than 1 country or jurisdiction. This builds on lessons learned following the GFIN’s 2019 cross-border testing pilot.

To support 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
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
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.

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