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Four US financial regulators join UK FCA-led global fintech sandbox

Fri, 25 Oct 2019, 05:53 am UTC

Four U.S. financial regulatory authorities have joined the Global Financial Innovation Network (GFIN), a global fintech sandbox led by the UK Financial Conduct Authority (FCA).

In August 2018, the FCA, together with a number of global financial regulators and related organizations, formed the GFIN with the objective of providing a platform for innovative firms to better interact with regulators and trial cross-border solutions.

Now, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have all joined the GFIN. They join 46 other financial authorities, central banks, and international organizations that have joined the initiative.

“U.S. financial regulators have taken proactive steps in recent years to enhance regulatory clarity and understanding for all stakeholders and promote early identification of emerging regulatory opportunities, challenges, and risks,” the financial regulators said in a joint statement.

“Participation in the GFIN furthers these objectives and enhances the agencies’ abilities to encourage responsible innovation in the financial services industry in the United States and abroad.”

The regulators said that they will promote knowledge-sharing on financial services innovation and work towards advancing financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability.

Earlier this year, the GFIN said that it was considering a number of blockchain-based tests for cross-border testing pilot.

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