GFiN - one year on
4th July 2019“GFiN – one year on”
A reflection of the GFiN’s achievements and challenges since inception, and amibitions for the future
The Guernsey Financial Services Commission is pleased to announce the publication of the Global Financial Innovation Network’s (“GFIN”) “One Year On” report.
The GFiN is a network of international regulators and related organisations committed to supporting financial innovation and to creating a framework for co-operation between regulators to share experiences and approaches to innovation.
The Guernsey Financial Services Commission plays an active role in the GFiN having been one of the founding members and sits on the Coordination Group. We were pleased to participate in the inaugural cross-border test pilot and remain committed to developing and improving that process for future rounds.
The GFiN has rapidly grown over the past year from its 12 founding members, to be a global dialogue with 35 Member Regulators and 7 Observers from 21 jurisdictions. And it continues to grow.
The “GFiN – one year on report” sets out what the GFiN has been doing over the past year, the challenges it has faced, achievements, and its ambitions for the future. It is also to show that it is listening to stakeholders, and welcomes feedback in order to ensure that the GFiN continues to add value.
GFiN members look forward to the next year of engagement and to improving ways of working together for the benefit of innovative firms and other stakeholders.
Key facts:
35 members and 7 observers from 21 jurisdictions.
- 99 responses from 26 jurisdictions received in response to the initial GFiN consultation.
- 44 applications from 17 jurisdictions for the inaugural GFiN cross-border test pilot with 8 firms being selected to develop testing plans.
- Nearly 60 representatives attended the first biannual meeting of the GFiN held in London in May.
If you have any questions on the Guernsey Financial Services Commission’s role in the GFiN or any general questions on our approach to innovation in financial services in Guernsey please contact: Emma Bailey, Director - Authorisations and Innovation Division; or
Brett Bewey, Assistant Director – Authorisations and Innovation Division
By email - [email protected]
Full list of GFIN Membership
Coordination Group
|
Organisation |
Jurisdiction |
|---|---|
|
Australian Securities & Investments Commission (ASIC) |
Australia |
|
Central Bank of Bahrain (CBB) |
Bahrain |
|
Autorité des marchés financiers (AMF) |
Québec, Canada |
|
Guernsey Financial Services Commission (GFSC) |
Guernsey |
|
Hong Kong Monetary Authority (HKMA) |
Hong Kong |
|
Hong Kong Securities and Futures Commission (HKSFC) |
Hong Kong |
|
Astana Financial Services Authority (AFSA) |
Kazakhstan |
|
Monetary Authority of Singapore (MAS) |
Singapore |
|
Dubai Financial Services Authority (DFSA) |
United Arab Emirates |
|
Financial Conduct Authority (FCA) |
United Kingdom |
|
Consumer Financial Protection Bureau (CFPB) |
United States |
Members
|
Organisation |
Jurisdiction |
|---|---|
|
Bermuda Monetary Authority (BMA) |
Bermuda |
|
Securities and Exchange Commission of Brazil (CVM) |
Brazil |
|
Alberta Securities Commission (ASC) |
Alberta, Canada |
|
British Columbia Securities Commission (BCSC) |
British Columbia, Canada |
|
Ontario Securities Commission (OSC) |
Ontario, Canada |
|
Centrale Bank van Curaçao and Sint Maarten |
Curaçao and Sint Maarten |
|
Central Bank of Eswatini |
Eswatini (Swaziland) |
|
Magyar Nemzeti Bank (Central Bank of Hungary) |
Hungary |
|
Isle of Man Financial Services Authority (IOMFSA) |
Isle of Man |
|
Israel Securities Authority (ISA) |
Israel |
|
Capital Market, Insurance, and Savings Authority (CMISA) |
Israel |
|
Jersey Financial Services Commission (JFSC) |
Jersey |
|
Capital Markets Authority (CMA, Kenya) |
Kenya |
|
Bank of Lithuania (BL) |
Lithuania |
|
South African Reserve Bank (SARB) |
South Africa |
|
Financial Supervisory Commission Taiwan |
Taiwan |
|
Abu Dhabi Global Market (ADGM) |
United Arab Emirates |
Observers
|
Organisation |
Jurisdiction |
|---|---|
|
Financial Sector Deepening Africa (FSD Africa) |
Africa |
|
Qianhai Financial Authority |
China |
|
European Bank for Reconstruction and Development (EBRD) |
Europe |
|
Consultative Group to Assist the Poor (CGAP) |
Global |
|
International Monetary Fund (IMF) |
Global |
|
World Bank Group |
Global |
|
Qatar Development Bank |
Qatar |