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The Dubai Financial Services Authority, DFSA, in collaboration with 11 other financial regulators and associated organisations from around the world, on Tuesday, issued a discussion paper announcing the establishment of a Global Financial Innovation Network, GFIN, and consulting on its proposed functions.
The GFIN is a network of leading global regulators, which will seek to conduct joint work and share experiences of financial innovation, to improve financial stability, integrity, customer outcomes and inclusion, through the responsible adoption of emerging technologies and business models. The GFIN has launched this paper to seek views on its mission statement, its proposed functions, and where it should prioritise activity. The members of the GFIN include regulators from the United Kingdom, Hong Kong and Australia.
Ian Johnston, Chief Executive at the DFSA, said, "The DFSA has always been an advocate of regulatory collaboration to build strong and stable financial markets that work for all, as illustrated by our active membership on international standard-setting bodies and our extensive network of bilateral and multilateral agreements. By joining the GFIN, the DFSA intends to continue this work to ensure that the development of innovative financial services takes place sustainably and effectively, across borders."
The GFIN will complement the DFSA’s existing initiatives in FinTech, which includes a regulatory framework for crowdfunding platforms and its own sandbox under the Innovation Testing Licence, ITL, programme. The ITL programme was launched in May last year to provide FinTech operators a controlled environment to test out innovative financial services concepts with clients in or from the Dubai International Financial Centre, DIFC.
The DFSA also has bilateral FinTech cooperation agreements in place with the Australian Securities and Investment Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, the Hong Kong Insurance Authority, the Malaysian Securities Commission, and discussions with other key, innovative counterparts are underway.
This latest development forms part of the DFSA’s innovation strategy, which complements the National Innovation Strategy, as set out by the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, to make the UAE a global hub for innovation.
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