On 16 January 2020, the Global Financial Innovation Network (GFiN) published a report on the lessons learned on the cross-border testing pilot.
The GFiN was created to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale and test new ideas. It also created a new means of co-operation between financial services regulators to work on innovation-related topics, sharing different experiences and approaches.
In January 2019, the GFiN launched the pilot phase of its cross-border testing which had the following objectives:
- explore how regulators could collaborate and facilitate cross-border experimentation in multiple jurisdictions, in real time;
- explore how pilot tests would function and what type of demand there might be from firms to work with regulators in this way; and
- learn lessons and make changes to the process, to ensure success of the final testing model.
In terms of next steps:
- regulators are currently in the process of developing a single online entry form where a firm’s selection of jurisdictions / regulators will lead to a set of common questions to collect information relevant to all jurisdictions / regulators as well as a bespoke questionnaire, if needed, that addresses the needs / criteria of the specific regulators. This will remove the requirement for firms to duplicate information across multiple forms and ensure regulators have all the information necessary to assess applications. GFiN will launch this single application form process in H1 2020 when it calls for applications for the first post-pilot cohort of firms; and
- regulators will open applications for the first formal cohort of participants in the first half of 2020. A further announcement about timing will be made in due course.