Fintechs sought for Global Financial Innovation Network

The Australian Securities and Investments Commission has announced that the new GFIN, which seeks to test innovative financial products, services and business models across several countries, is now accepting applications from fintech start-ups that want to be part of its test phase.

The GFIN comprises 28 international organisations and aims to support financial innovation in the interests of consumers.

The pilot cross-border tests are now being launched following consultation last year in which businesses reportedly supported the creation of an environment that “allows firms to simultaneously trial and scale new technologies across multiple jurisdictions, gaining real-time insight into how a product or service might operate in the market”, according to ASIC.

ASIC Commissioner John Price said: “ASIC’s membership of GFIN is part of our work to encourage innovation in the interests of consumers and the operation of markets. Innovation has the potential to offer consumers better quality and value products and services and to promote improved risk management and compliance outcomes by firms through use of regulatory technology.”

Fintech start-ups interested in applying to take part in the pilot cross border tests are being asked to review the list of participating regulators and submit an application before the 28 February 2019 deadline.

“Firms must meet the eligibility requirements of all the jurisdictions in which they would like to test,” the corporate regulator added.

“In Australia, that would mean meeting the eligibility criteria under ASIC’s regulatory sandbox licensing exemption.”

As well as calling for applications, ASIC also revealed that the terms of reference for membership and governance of the GFIN have been finalised and the group is now welcoming formal expressions of interest from international organisations and regulators.

[Related: Regulators consult on the creation of a global fintech sandbox]