New “Global Sandbox” Announced
Twelve financial regulators and related organisations, including the UK Financial Conduct Authority (FCA), announced on 7 August the creation of the Global Financial Innovation Network (GFIN), building on the FCA’s proposal earlier this year to create a ‘global sandbox’. A list of GFIN members is here. The network will seek to provide a more efficient way for innovative FinTech firms to interact with regulators. It will also create a new framework for co-operation between financial services regulators on innovation related topics.