2020-11-12
Global Financial Innovation Network invites firms to participate in cross-border testing
The Global Financial Innovation Network (GFIN), which also includes the Bank of Lithuania, is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.
“This is a great opportunity for firms that plan to offer innovative services or products across more than one country. We invite both Lithuanian and foreign companies to join the initiative. Together with other supervisory authorities, we will help solve your issues and concerns,” said Newcomer and Regulatory Sandbox Project Manager Dovilė Arlauskaitė.
Twenty-three regulators across five continents are participating in this initiative, which builds on lessons learned following the GFIN’s 2019 cross-border testing pilot.
Firms interested in applying to take part in cross-border testing should review the list of participating regulators and their respective Regulatory Compendiums and submit an application before the 31 December deadline.
- Single-entry application form via the GFIN website
- Cross-border testing FAQs to help firms understand the process
- “Regulatory Compendium” clarifying the remit and interests of participating regulators and the types of innovation services available
The GFIN – a group of over 60 international organisations from different jurisdictions (including Australia, Hong Kong, the United Kingdom and Singapore) – was formally launched in January 2019 to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale and test new ideas. The GFIN has also created a new means of cooperation between financial services regulators to work on innovation-related topics, sharing different experiences and approaches. Lithuania, represented by the Bank of Lithuania, was the first among euro area countries to join the network in early 2019.