FSC is pleased to announce the publication of the Global Financial Innovation Network’s (“GFIN”) “One Year On” report. 

The GFIN is a network of international regulators and related organisations committed to supporting financial innovation and to creating a framework for co-operation between regulators to share experiences and approaches to innovation.

The GFIN has rapidly grown over the past year from its 12 founding members, to be a global dialogue with 35 Member Regulators and 7 Observers from 21 jurisdictions. And it continues to grow.

The “GFIN – one year on report” sets out what the GFIN has been doing over the past year, the challenges it has faced, achievements, and its ambitions for the future. It is also to show that it is listening to stakeholders, and welcomes feedback in order to ensure that the GFIN continues to add value.

GFIN members look forward to the next year of engagement and to improving ways of working together for the benefit of innovative firms and other stakeholders. 

Key facts:

•35 members and 7 observers from 21 jurisdictions.

•99 responses from 26 jurisdictions received in response to the initial GFIN consultation.

•44 applications from 17 jurisdictions for the inaugural GFIN cross-border test pilot with 8 firms being selected to develop testing plans.

•Nearly 60 representatives attended the first biannual meeting of the GFIN held in London in May.

 

Full list of GFIN Membership

Coordination Group

Organisation                                                                  Jurisdiction

Australian Securities & Investments Commission (ASIC)  Australia

Central Bank of Bahrain (CBB)                                          Bahrain

Autorité des marchés financiers (AMF)                                  Québec, Canada

Guernsey Financial Services Commission (GFSC)                  Guernsey

Hong Kong Monetary Authority (HKMA)                          Hong Kong

Hong Kong Securities and Futures Commission (HKSFC)         Hong Kong

Astana Financial Services Authority (AFSA)                          Kazakhstan

Monetary Authority of Singapore (MAS)                          Singapore

Dubai Financial Services Authority (DFSA)                          United Arab Emirates

Financial Conduct Authority (FCA)                                  United Kingdom

Consumer Financial Protection Bureau (CFPB)                  United States

 

Members

Organisation                                                                  Jurisdiction

Bermuda Monetary Authority (BMA)                                  Bermuda

Securities and Exchange Commission of Brazil (CVM)             Brazil

Alberta Securities Commission (ASC)                                  Alberta, Canada

British Columbia Securities Commission (BCSC)                  British Columbia, Canada

Ontario Securities Commission (OSC)                                  Ontario, Canada

Centrale Bank van Curaçao and Sint Maarten                  Curaçao and Sint Maarten

Central Bank of Eswatini                                                  Eswatini (Swaziland)

Magyar Nemzeti Bank (Central Bank of Hungary)                  Hungary

Isle of Man Financial Services Authority (IOMFSA)                  Isle of Man

Israel Securities Authority (ISA)                                          Israel

Capital Market, Insurance, and Savings Authority (CMISA)  Israel

Jersey Financial Services Commission (JFSC)                  Jersey

Capital Markets Authority (CMA, Kenya)                          Kenya

Bank of Lithuania (BL)                                                  Lithuania

South African Reserve Bank (SARB)                                  South Africa

Financial Supervisory Commission Taiwan                          Taiwan

Abu Dhabi Global Market (ADGM)                                  United Arab Emirates

 

Observers

 

Organisation                                                                    Jurisdiction

Financial Sector Deepening Africa (FSD Africa)                    Africa

Qianhai Financial Authority                                                    China

European Bank for Reconstruction and Development (EBRD)     Europe

Consultative Group to Assist the Poor (CGAP)                    Global

International Monetary Fund (IMF)                                    Global

World Bank Group                                                            Global

Qatar Development Bank                                                    Qatar