International Finance

UK’s Financial Conduct Authority (FCA) Creates Global Alliance for Fintech Innovation Collaboration

GFIN, Financial Authority, Fintech
The global initiative was created to improve collaboration on fintech innovations – like blockchain – between regulators and companies

The FCA states that the new alliance, the Global Financial Innovation Network (GFIN), will work in collaboration with 11 financial authorities and related organizations in order to help fintech firms interact more easily with regulators from different countries. The multinational group includes regulatory agencies from countries like the US, Singapore, Hong Kong, Australian, France and beyond.

GFIN aims to consult on topics such as the growth of technologies like distributed ledger tech and artificial intelligence (AI), as well as the regulation of securities and Initial Coin Offerings (ICO), among others—according to the press release.

Christopher Woolard, FCA board member and Executive Director of Strategy and Competition, also stated in the press release that the creation of GFIN will help organizations “harnes[s] the benefits of innovation in financial services for consumers, while managing the potential harm.”This new alliance is a part of the further implementation and development of the successful progress of FCA’s global fintech regulatory sandbox that was launched earlier this year.

GFIN will seek to provide “a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. It will also create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.” , according to the description by the FCA.

According to a July report conducted by the Big Innovation Centre, DAG Global and Deep Knowledge Analystics had stated that the UK was set to become a leader in blockchain technology and the crypto economy by 2022.

This coming fall, the FCA expects to be in a position to formally launch GFIN.

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