FSRA Accepted in the Global Financial Innovations Network
By Glen Padassery, EVP, Policy
We are happy to share that FSRA has been accepted as a member of the Global Financial Innovations Network (GFIN). The GFIN is a network of over 50 financial authorities, central banks, and international organizations from around the globe. The aim is to foster greater cooperation among financial authorities on a variety of innovation topics, regulatory approaches, and lessons learned.
In participating in the GFIN, FSRA is positioned to provide our unique voice and perspective, representing the needs and interests of the organizations we regulate and their customers.
As a member of the GFIN, FSRA may:
- Participate in annual meetings, quarterly calls and work streams.
- Contribute to the overall direction, strategy and annual work program of the GFIN.
- Participate in cross-border testing.
- Contribute to at least one work stream (collaboration, cross-border testing, and regulatory trials and lessons learned), and may propose new work streams.
- Share experiences of innovation in our market, and lessons learned from the GFIN work, including experiences with emerging technologies and/or business models.
This is an exciting opportunity for us to join our peers internationally as we continue to transform into to a forward-looking, flexible, self-funded, principles-based regulator.
About the GFIN
The Network was officially launched in January 2019 and evolved from the UK Financial Conduct Authority’s 2018 proposal to build a “sandbox” where likeminded organizations could continue to evolve and innovate.
The GFIN’s three primary functions are:
- To act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models, and to provide accessible regulatory contact information for firms.
- To provide a forum for joint RegTech work and collaborative knowledge sharing/lessons learned.
- To provide firms with an environment in which to trial cross-border solutions.”