FCA UK announces that it is a part of the Global Financial Innovation Network project. The initiative involves 11 other financial authorities and related organizations.
8 August, AtoZ Markets – The financial regulator of the UK markets, the Financial Conduct Authority (FCA) has informed the public about its decision to create a global initiative to advance collaboration on Fintech innovations, such as Blockchain.
FCA UK Takes Part in the Global Financial Innovation Network project
The initiative looks into improving levels of collaboration between regulatory bodies and companies, according to the official release by the UK watchdog. The press release states:
‘The network 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.”
The FCA has also noted that the new collaboration project, entitled the Global Financial Innovation Network (GFIN), will work along with 11 financial authorities and related organizations. They will join forces in order to aid fintech firms to establish better communication with regulators from different countries.
FCA’s global fintech regulatory sandbox
According to Christopher Woolard, FCA board member and Executive Director of Strategy:
“The creation of the Global Financial Innovation Network (GFIN) is an important next step for organizations like ours who are actively engaged in understanding and harnessing the benefits of innovation in financial services for consumers while managing the potential harm. The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.”
The new alliance comes as a part of the further development of the process of FCA’s global fintech regulatory sandbox that has been established this year. The UK FCA has stated that the working group is now seeking the feedback on the consultation questions by 14 October 2018. Following the next two months, the group will connect with interested parties in regards to the project.
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