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The Global Financial Innovation Network welcomes GFSC as one of its newest members

25 Oct 19

The Gibraltar Financial Services Commission (GFSC) is pleased to announce that its application to join the Global Financial Innovation Network (GFIN) was approved on 24 October.  The GFSC joins a global network of 50 organisations that are committed to working together to support innovative firms in developing financial products, services and business models for the benefit of consumers.

The GFSC is dedicated to supporting Gibraltar’s pioneering financial services sector and GFIN membership will provide a formal framework by which to share regulatory best practice and experience with other GFIN members. It will also allow us to stay informed on the latest emerging opportunities and developments by other jurisdictions.

Kerry Blight, CEO of the GFSC said: “I am delighted that the GFSC has been accepted into GFIN. We join a diverse and august group of organisations from across the globe. The GFSC will ensure that it uses its membership to the advantage of Gibraltar, promoting our jurisdiction and our innovative firms. It also provides a great opportunity to share best practice and learn from our regulatory peers. We look forward to working with our fellow GFIN members, local industry and HM Government of Gibraltar to support our financial services sector.”

Minister for Digital and Financial Services, Albert Isola MP, added: “This is great news for Gibraltar and our thriving financial services industry. Gibraltar has been and remains at the forefront of financial innovation and the GFSC’s membership of GFIN will ensure that we continue to take advantage of all opportunities to collaborate with others and to market our world leading jurisdiction.”

 The GFSC met with the GFIN secretariat early this year to discuss the work of the network and its general aims and objectives. An application was submitted, considered and accepted by GFIN in October 2019. As a member, the GFSC will now play a full part in GFIN’s work, in particular, collaboration between financial services regulators on innovation related matters and consumer protection.  

Notes for editors:

1. The GFSC is a regulator of the Gibraltar financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The GFSC's vision is to be a high performing, agile, and innovative regulator. 

2. The GFSC's regulatory objectives are the promotion of market confidence; the reduction of systemic risk; the promotion of public awareness; the protection of the good reputation of Gibraltar; the protection of consumers and the reduction of financial crime. 

3. The Global Financial Innovation Network (GFIN) was formally launched in January 2019 by an international group of financial regulators and related organisations, including the FCA. This built on the FCA’s early 2018 proposal to create a global sandbox.

4. The GFIN seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. This includes a pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction.

5. It also aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.

6. GFIN has three primary functions:

a. To act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models, and to provide accessible regulatory contact information for firms.

b. To provide a forum for joint RegTech work and collaborative knowledge sharing/lessons learned.

c. To provide firms with an environment in which to trial cross-border solutions.


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