Global sandbox: opportunity to test innovative products and services worldwide
The Bank of Lithuania has joined the global sandbox initiative which aims at providing support for firms wishing to test innovative financial products, services or business models across international markets.
“Participation in this initiative will allow us to help firms test their innovative ideas at much greater scale. Strengthening cooperation and exchange of information with other regulators across the globe, we will be able to work in unison to foster innovation,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania.
Lithuania, represented by the Bank of Lithuania, is the first euro area country to join the Global Financial Innovation Network (GFIN) – a group of 29 international organisations from more than 15 jurisdictions (Australia, Hong Kong, United Kingdom, Singapore, among others).
The network was developed following the earlier proposal by the Financial Conduct Authority (FCA) to create a global sandbox.
The GFIN was formerly launched in January 2019, it is committed to supporting financial innovation in the interests of consumers. Innovation can increase competition and reduce costs, offering consumers better value products and services.
It also aims to create a new framework for cooperation between financial services regulators on innovation related topics, sharing different experiences and approaches.
The GFIN seeks 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.
Now international regulators and bodies have joined forces to launch a pilot for firms that wish to test innovative products and services across international markets. The pilot tests will provide a more efficient way for innovative firms to interact with regulators across the world, as they look to scale new ideas. Each regulator will make sure that appropriate safeguards for their jurisdiction are in place for the tests.
Firms interested in applying to take part in the pilot should review the list of participating regulators and submit an application before the deadline on 28 February 2019.