On the 24th October, the US Securities and Exchange Commission (SEC)
announced that it and other US monetary regulators had joined the
Global Financial Innovation Network (GFIN). The Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the SEC signed up to the network to foster innovation and collaboration in finance.
Launched in January, the GFIN aims to be a global sandbox for testing fintech solutions with cross-border applications. It came about after a proposal from the UK Financial Conduct Authority (FCA) last year, which suggested there was a lack of infrastructure for firms to trial potential projects across different regulatory areas.
Upon launch, the GFIN had 29 international regulators, including the FCA, the monetary authorities of Singapore (MAS) and Hong Kong (HKMA), and the US Consumer Financial Protection Bureau (CFPB). By June, as the group’s annual
report states, that membership had grown to 35.
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