Cross-Border Testing Pilot for Innovative Firms Open to Applications
The Global Financial Innovation Network (GFIN) – a group of 29 international organizations – is inviting applications from firms wishing to test innovative financial products, services or business models across more than one jurisdiction.
The GFIN is an international network of organizations committed to supporting financial innovation in the interests of consumers.
The GFIN members 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 - 28 February 2019.
The GFIN has also published a Terms of Reference for the group and is encouraging other regulators and international organizations to join.
CGAP has been involved in the GFIN as one of the co-founders. This is part of CGAP’s work to encourage responsible innovation that can improve financial inclusion of poor customers in emerging markets and developing economies, who are currently excluded from or underserved by the formal financial sector.