The Global Financial Innovation Network (GFIN) – a department working with 50 businesses to help with financial innovation – has welcomed numerous US-based agencies into its system.
Revealed by the US SEC on October 24, the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), along with the SEC as well, have officially become a member of the GFIN.
This initiative by many US watchdogs is primarily aimed at sharing their knowledge, first on a domestic level and now foreign, providing support for financial regulators, to be better representatives of the interests and needs, both for the nation and stakeholders.
“By promoting knowledge-sharing on innovation in financial services, U.S. members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability.”
The GFIN was established via the Financial Conduct Authority, passed in the UK last year, with the primary target is to further the partnership growth in the fintech industry, between lawmakers and businesses.
“The response from industry and other international regulators was overwhelmingly positive in favour of establishing the GFIN to facilitate a new practical method of regulatory collaboration on innovation and creating an environment for cross-border testing,” The GFIN remarked regarding positive feedbacks from stakeholder for its consultancy document.