Close to a dozen financial regulators from countries all around the world have joined hands to create a new network to improve the development of financial technologies such as blockchain.
Now titled the ‘Global Financial Innovation Network (GFIN)’, the partnership comprises of 11 financial regulators of their various countries coming together under a proposed mandate by the U.K.’s Financial Conduct Authority (FCA) at the beginning of the year. The British regulator is partnering with colleagues from nations including Australia, Abu Dhabi, Bahrain, Dubai, Hong Kong, Singapore and Canada.
According to the FCA, the creation of the GFIN is based on the concept of a ‘global sandbox’, proposing the network will aid fill the gap between innovative firms and regulators both domestically and internationally “between countries as they look to scale new ideas.”
Currently, at its initial stage that sees the body trying to get a response for core objectives, a roadmap, and important areas, the GFIN emphasized its key roles would include bringing firms “with an environment in which to trial cross-border solutions.”
The FCA has already received 50 feedback in February when it tried to launch a ‘global sandbox’.
The group also releases its consultation paper at the same time with its launch is trying to get the public response up to mid-October this year.