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Global fintech sandbox GFIN considers blockchain projects for cross-border testing pilot

Tue, 30 Apr 2019, 03:20 am UTC

The Global Financial Innovation Network (GFIN), a global fintech sandbox formed last August, is considering a number of blockchain-based tests for cross-border testing pilot.

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

In its latest announcement, GFIN said that a total of 44 unique applications were submitted across the 17 participating regulators for the cross-border testing pilot. It added that a high number of applications also came from RegTech and cryptoasset focused firms.

After an initial screening, GFIN members will continue working with 8 firms. The tests currently under consideration for the cross-border trials include those proposed by AlphaPoint, Ascent RegTech, ATLANT, Coinvestion, DACX, Onfido, Starling Trust, and Tradle.

Half of these companies are working with blockchain or distributed ledger technology (DLT):

  • AlphaPoint offers blockchain-based products that support the requirements for issuance, custody and trading of digital assets with liquidity across multiple exchanges.
  • Coinvestion​​​​​​​ uses blockchain to allow users to invest in real estate shares as securities and develops fractional ownership schemes.
  • DACX uses DLT and machine learning to facilitate cross-border transactions of multi-currency payments, assets and commodities via tokenisation, smart contracts and escrows.
  • Tradle is a blockchain-based KYC and onboarding platform that uses AI, IoT and cloud to help financial institutions meet regulatory obligations for SMEs, Corporates, Capital markets, Wealth Management, Retail and Unbanked customers and helps regulators provide guidance and supervision for their markets.

“The next phase is for the firms to develop testing plans with the relevant regulators for their cross-border trial, some of which will involve live transactions. Firms that develop a testing plan satisfactory to each jurisdiction’s criteria will take part in the pilot testing phase,” the announcement reads.

“An announcement of the firms formally selected for the cross-border testing pilot will be made in late Q2.”

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