GFIN Launched By 11 Financial Regulators

August 9, 2018
GFIN Launched By 11 Financial Regulators August 9, 2018 Clive Nelson

Global Financial Innovation NetworkFinancial technology (fintech) is progressing at a fast pace throughout the world and many countries are trying to catch up to the regulatory challenges that they present. This is why a group of 11 financial regulators from all over the world decided to work together to create the Global Financial Innovation Network (GFIN).

The founding members of GFIN came together under the UK’s Financial Conduct Authority (FCA) to link hands and work together to provide a global sandbox for fintech ideas and firms. The primary purpose of GFIN is to efficiently connect international firms working in fintech so that regulators wouldn’t end up facing problems with their operations.

It will also raise the level of cooperation among the regulatory agencies so that they wouldn’t be working at cross-purposes, as well as giving a chance at sharing at what works and what doesn’t work with new fintech. GFIN is in its preliminary phase though and it is currently asking for feedback on what its goals should be. It is also asking for ideas on a potential development roadmap for the network as well as where should it put its priorities.

However, it does emphasize that one of its main functions would be to link international firms together and to come up with cross-border regulatory solutions.

GFIN Members

The current membership of GFIN consists of the following regulatory bodies: Abu Dhabi Global Market (ADGM), Australian Securities & Investments Commission (ASIC), Autorité des marchés financiers (AMF), Bureau of Consumer Financial Protection (BCFP, USA), Central Bank of Bahrain (CBB), Financial Conduct Authority (FCA, UK), Dubai Financial Services Authority (DFSA), Guernsey Financial Services Commission (GFSC), Monetary Authority of Singapore (MAS), Hong Kong Monetary Authority (HKMA), Consultative Group to Assist the Poor (CGAP), and Ontario Securities Commission (OSC, Canada).

There is still a possibility for additional regulatory bodies to join after the formal launch of GFIN. The plan is to have a steering committee oversee the operations of the network, with one of them being named as chairman.

Feedback Welcomed

As for the request for feedback, the FCA has already received 50 such responses since it first floated the idea of GFIN back in February 2018. Most of these responses say that GFIN should focus on properly regulating cryptocurrencies and related products like initial coin offerings (ICOs). GFIN is still seeking more feedback and will be accepting input until mid-October of this year.

About the Author

Clive Nelson

Clive Nelson Author

Hi, my name is Clive Nelson and welcome to Traders Bible. Just to tell you bit about myself…I have been trading FX and binary options for the best part of 10 years now. After graduating with honours in economics, I began working for an investment bank in New York as an assistant trader before working my way up. After a few years, I went on to work as a broker in London, England and then eventually came back to the U.S to work in a hedge fund, where I manage $800 million of my clients’ investments. There have been times over the course of my career where I’ve had to take a hit, but I’ve accepted that losing is part of the game, it’s a learning curve. I’ve learnt from my mistakes and you don’t have to make the same errors I did. A lot of my education came from when I was a broker and this is why I’m here to tell you that Traders’ Bible offers you the foundations of how to become a great trader.

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