Today the Global Financial Innovation Network (GFIN) announced it was accepting applicants that wish to test financial innovations across more than one jurisdiction. GFIN includes 29 international regulators including the UK’s Financial Conduct Authority (FCA), the Monetary Authority of Singapore (MAS), the Hong Kong Monetary Authority (HKMA) and the Australian Securities & Investments Commission (ASIC). GFIN is likely to be relevant for blockchain projects though blockchain is not explicitly mentioned.
Until 28 February the group is inviting applications from firms to participate in a pilot for cross border testing. It’s a test for both GFIN and the firms.
The network plans to support pilots for testing innovative products, services and business models across multiple jurisdictions. But for those hoping to apply once and be accepted by multiple regulators, that’s not how it works. It’s still necessary to apply separately to each one. That’s because each has its own national regulations. So a firm that wishes to test in three jurisdictions has to meet the separate eligibility requirements of all three.
The announcement published by the FCA stated that one potential benefit might be regulatory convergence over time, but emphasized that was a longer-term “opportunity”.
Coordination Group |
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Organisation |
Jurisdiction |
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Australian Securities & Investments Commission (ASIC) |
Australia |
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Central Bank of Bahrain (CBB) |
Bahrain |
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Autorité des marchés financiers (AMF) |
Québec, Canada |
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Guernsey Financial Services Commission (GFSC) |
Guernsey |
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Hong Kong Monetary Authority (HKMA) |
Hong Kong |
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Hong Kong Securities and Futures Commission (HKSFC) |
Hong Kong |
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Astana Financial Services Authority (AFSA) |
Kazakhstan |
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Monetary Authority of Singapore (MAS) |
Singapore |
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Dubai Financial Services Authority (DFSA) |
UAE |
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Financial Conduct Authority (FCA) |
United Kingdom |
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Consumer Financial Protection Bureau (CFPB) |
United States |
Members |
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Organisation |
Jurisdiction |
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Bermuda Monetary Authority (BMA) |
Bermuda |
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Alberta Securities Commission (ASC) |
Alberta, Canada |
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British Columbia Securities Commission (BCSC) |
British Columbia, Canada |
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Ontario Securities Commission (OSC) |
Ontario, Canada |
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Centrale Bank van Curaçao and Sint Maarten |
Curaçao and Sint Maarten |
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Central Bank of Eswatini |
Eswatini (Swaziland) |
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Magyar Nemzeti Bank (Central Bank of Hungary) |
Hungary |
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Isle of Man Financial Services Authority (IOMFSA) |
Isle of Man |
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Israel Securities Authority (ISA) |
Israel |
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Jersey Financial Services Commission (JFSC) |
Jersey |
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Capital Markets Authority (CMA, Kenya) |
Kenya |
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Bank of Lithuania (BL) |
Lithuania |
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South African Reserve Bank (SARB) |
South Africa |
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Abu Dhabi Global Market (ADGM) |
UAE |
Observers |
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Organisation |
Jurisdiction |
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Qianhai Financial Authority |
China |
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Consultative Group to Assist the Poor (CGAP) |
Global |
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International Monetary Fund (IMF) |
Global |
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World Bank Group |
Global |
