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11 November 2020 — Global Financial Innovation Network invites firms to participate in cross-border testing

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Dubai, UAE, 11 November 2020: The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.

Twenty-three regulators across five continents are participating in this initiative, which builds on lessons learned following the GFIN’s 2019 cross-border testing pilot.

Cross-border testing 1.0

To facilitate the application process, the GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms, including:

• a cross-border testing FAQs to help firms understand the process;
• an evolved ‘Regulatory Compendium’ clarifying the remit and interests of participating regulators and the types of innovation services available; and
• an extension of the application window to 9 weeks to allow firms more time to consider and prepare their applications.

Firms interested in applying to take part in cross-border testing should review the list of participating regulators and their respective Regulatory Compendiums and submit an application via the GFIN website before the 31 December deadline.

Participating Regulators

The following regulators are participating in cross-border testing.

  Regulatory Authority Jurisdiction
1 Australian Securities and Investments Commission (ASIC) Australia
2 Central Bank of Bahrain (CBB) Bahrain
3 Bermuda Monetary Authority (BMA) Bermuda
4 Alberta Securities Commission (ASC) Alberta, Canada
5 British Columbia Securities Commission (BCSC) British Columbia, Canada
6 Ontario Securities Commission (OSC) Ontario, Canada
7 Autorité des marchés financiers (AMF) Quebec, Canada
8 Guernsey Financial Services Commission (GFSC) Guernsey
9 Hong Kong Insurance Authority (IA) Hong Kong
10 Hong Kong Monetary Authority (HKMA) Hong Kong
11 Hong Kong Securities and Futures Commission (HKSFC) Hong Kong
12 Magyar Nemzeti Bank (Central Bank of Hungary, MNB) Hungary
13 Jersey Financial Services Commission (JFSC) Jersey
14 Astana Financial Services Authority (AFSA) Kazakhstan
15 Capital Markets Authority (CMA, Kenya) Kenya
16 Bank of Lithuania (LB) Lithuania
17 Monetary Authority of Singapore (MAS) Singapore
18 Financial Services Commission Taiwan (FSC Taiwan) Taiwan
19 Abu Dhabi Global Market (ADGM) Abu Dhabi, United Arab Emirates
20 Dubai Financial Services Authority (DFSA) Dubai, United Arab Emirates
21 Central Bank United Arab Emirates (CB UAE) United Arab Emirates
22 Financial Conduct Authority (FCA) United Kingdom
23 Consumer Financial Protection Bureau (CFPB) United States of America

- Ends -

For further information please contact:
Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Tel: +971 (0)4 362 1613
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae

Editor’s notes:

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA's website for more information.