January 30, 2023

Volume XIII, Number 30


January 27, 2023

Subscribe to Latest Legal News and Analysis

Global Financial Innovation Network Launch

The Global Financial Innovation Network (GFIN) has been formally launched by an international group of financial regulators and related organisations. The GFIN is a network of 29 organisations of which 17 are currently offering cross-border trials for firms wishing to test FinTech products, services or business models across more than one jurisdiction. Those offering trials include the UK Financial Conduct Authority, the Australian Securities & Investments Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Monetary Authority of Singapore and the Dubai Financial Services Authority. GFIN members that are not participating in the initial trial scheme include the Consumer Financial Protection Bureau, the Abu Dhabi Global Market, the Israel Securities Authority and the Jersey Financial Services Commission.

The GFIN has three primary functions:

  • To act as a network of regulators to collaborate and share experience of innovation in respective markets and to provide accessible regulatory contact information for firms.
  • To provide a forum for joint RegTech work and collaborative knowledge sharing.
  • To provide firms with an environment in which to trial cross-border solutions.

The GFIN has opened a one month application period for a pilot phase of cross-border testing. Interested FinTech firms are asked to submit applications to relevant participating regulators by 28 February 2019. Pilot tests will run for a six month period, unless regulators agree to extend them. Since GFIN cannot override national legislation, a separate application is required to each regulator that firms would like to test with. GFIN members will then coordinate with each other around the application

Copyright 2023 K & L GatesNational Law Review, Volume IX, Number 42

About this Author

Jonathan Lawrence, KL Gates Law Firm, Restructuring and Insolvency Attorney

Jonathan Lawrence has been a finance partner in the London office since 2005.

Alongside his general banking and finance work, he concentrates his practice on restructuring & insolvency matters -- Legal 500 UK 2016 Corporate restructuring and insolvency “K&L Gates LLP … maintains a ‘quality team’ that includes ‘impressive’ team head Jonathan Lawrence”.

Mr. Lawrence also plays a leadership role in the firm’s global Islamic Finance practice -- Legal 500 UK 2016 Islamic Finance “K&L Gates LLP is...