The financial regulator in the UK announced the creation of a Global network of financial innovation (GFIN), a global Alliance for improved cooperation in the field of financial technological innovations such as blockchain.
In the press release financial supervision authority (FCA) in the UK said that the establishment of GFIN in partnership with 11 financial institutions and related organizations will help FINTECH firms to effectively communicate with regulators in various countries.
For regulators, the network will be a platform to exchange experiences and discuss joint strategies for working with emerging technologies and business models.
Among the participants of the new initiative, the financial regulators of such jurisdictions as France, Singapore, Hong Kong, Dubai and Global market Abu Dhabi (ADGM).
Start GFIN also became the next step towards a “global sandbox”, which will be a cross-border test environment for solutions based on new financial technologies is marked in the document.
As reported by the FCA, after a request in February to give their feedback on the idea of creating a “global sandbox” was the feedback received from 50 respondents. Overall, the feedback was positive.
Respondents stressed such benefits as simplification of relations with regulators, the possibility of international testing projects and reduce the time of entering global market. Among the technologies, the development of which will help similar test environment, in the reviews called the artificial intelligence, the technology of the blockchain and data protection.
It is noteworthy that some participants GFIN already implementing cross-border solutions based on the technology of the distributed registry. For example, the Management of monetary circulation of Hong Kong (HKMA) and the Monetary authority of Singapore (MAS) work together to create blockchain-a platform for international trade Finance. A similar project HKMA intends to implement and the financial regulator ADGM.