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A grouping of regulators creates a sandbox regulatory world

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August 9, 2018 11:30

The regulatory body uk, the Financial Conduct Authority (FCA), created, in collaboration with a group of eleven regulators, the Global Financial Innovation Network, a sandbox regulatory world. L’Autorité des marchés financiers and theOntario Securities Commission are part of the regulators members of the network.

The group leads a consultation which aims to determine the network’s mission, its main functions, and what should be its priorities. A priori, the Global Financial Innovation Network says it will act as a network where each of the regulators will be led to share the experiences of innovation in their respective markets, will provide a forum for discussions and common policies, and will provide businesses an environment where they can test cross-border solutions.

He also invited the regulators, fintech, technology providers, accelerators, academics, and consumer groups, in particular, who are not members of the network to comment on in the course of the consultation.

Facilitate the new ideas of fintech

The FCA mentions that the aim of the network is to find an effective way with which technology companies can interact with the regulators and help them to navigate between the countries to grow their new ideas, says the FCA.

It also aims to create a framework of cooperation between the regulators of financial services ” on topics related to innovation, sharing different experiences and approaches “, adds the organization.

The network is also made up ofAbu Dhabi Global Market, Australian Securities & Investments Commission, Central Bank of Bahrain, Bureau of Consumer Financial Protection, Dubai Financial Services Authority, the Guernsey Financial Services Commission, Hong Kong Monetary Authority, Monetary Authority of Singapore, and the Consultative Group To Assist the Poor.

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