Financial Conduct Authority Of UK Creates Global Alliance For Fintech Innovation Collaboration

The UK Financial Conduct Authority (FCA) has declared the making of a global activity to enhance collaboration on fintech technologies such as like blockchain between regulators and organizations, as indicated by an official public statement released on August 7th.

The FCA states that the new alliance, the Global Financial Innovation Network (GFIN), will work as a team with 11 financial authorities and related associations in order to help fintech firms connect all the more effectively with regulators from various nations.

As indicated by the official statement, GFIN plans to counsel on points, for example, the development of technologies like distributed ledger tech and artificial intelligence (AI), and also the regulation of securities and Initial Coin Offerings (ICO), among others.

Christopher Woolard, FCA board member and Executive Director of Strategy and Competition, said in the official statement that the formation of GFIN will help associations “harnes[s] the benefits of innovation in financial services for consumers while managing the potential harm.”

The new partnership is a part of the further execution and improvement of the successful progress of FCA’s worldwide fintech regulatory sandbox that had been launched not long ago.

A July report led by the Big Innovation Center, DAG Global, and Deep Knowledge Analytics had expressed that the UK was set to become a pioneer in blockchain technology and the crypto economy by 2022.