Global Financial Innovation Network Cross-Border Testing
GFIN, the Global Financial Innovation Network, a co-operation between financial services regulators to work on innovation-related topics, sharing different experiences and approaches, has announced the official launch of its Cross-Border Testing (CBT) sandbox, following GFIN’s 2019 CBT pilot.
The GFIN cross-border testing workstream has grown from 17 regulators to a group of 23 from across five continents, as depicted in the title picture. This group has committed to using the valuable experience and feedback gained from the pilot to evolve the testing framework to better support participating firms and regulators alike.
Building on the solutions announced in the lessons learned report (including the GFIN website and regulatory compendium), the GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms:
- a single-entry application form to simply the process 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; and
- 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 the supporting materials before submitting an application. The deadline is 31 December 2020.
From a Japan perspective, we continue to regret that neither the Bank of Japan nor the Financial Services Agency has become a member of GFIN, while regionally, the Monetary Authority of Singapore, the Hong Kong regulators, and the Financial Supervisory Commission in Taiwan are not only GFIN members, but also active participants in CBT.