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):
“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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