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Global Financial Innovation Network launched Cross-Border Test sandbox

GFIN, the Global Financial Innovation Network, has officially introduced the launch of the Cross-Border Test (CBT) sandbox, followed by the pilot GFIN 2019 CBT. Talking more about GFIN, this is a collaboration between financial services regulators, they work together to find innovative topics for the industry, share experiences and different outreach solutions.

Workflow GFIN's cross-border test was developed by a team of 17 regulatory agencies. They are 23 people from all continents who come to build a new future. This group is committed to applying all of its accumulated valuable knowledge and the pilot feedback that pushes the construction of a safety testing framework to support participating businesses and regulators. family.

In its lessons learned (including the GFIN website and summary), GFIN relied on the solutions they announced to improve and develop a number of new tools to help the development of the test framework. cross-border testing for a new group of companies:

  • A one-time application form to simplify and optimize the process for companies;
  • Frequently asked questions about cross-border testing to help companies understand the operating process;
  • A developed 'Regulatory Statement' clarifies the payment and benefits of participating regulators, businesses and customers and the types of innovative services available.
  • The extension of the application deadline to 9 weeks gives businesses more time to review and prepare carefully.

The deadline is December 31, 2020, for entries. Businesses interested in cross-border testing should review the list of regulators involved and supporting documents before applying.

From the Japanese national side, GFIN does not regret having to inform both the Bank of Japan and the Financial Services Agency are not becoming a part of GFIN. Another part of the region is the Monetary Authority of Singapore, regulators in Hong Kong and the Financial Supervisory Commission in Taiwan formally becoming members of the GFIN, who are actively involved in all activities. by CBT.