The Guernsey Financial Services Commission (GFSC) has, in collaboration with 11 financial regulators and related organisations, announced the establishment of the Global Financial Innovation Network (GFIN), building on a proposal earlier this year to create a ‘global sandbox’.
The network will seek to provide a more efficient way for innovative firms to interact with regulators worldwide, helping them navigate between countries as they look to scale new ideas and technologies.
It will also create a new framework for co-operation between financial services regulators on innovation-related topics, sharing experiences and approaches.
The GFSC said: "Guernsey participation in this network builds on our existing Innovation Soundbox, allowing global innovative firms to be welcomed in the bailiwick."
As part of the collaborative effort, a consultation has also been launched on the role of the GFIN and the tools it will use. The Commission has said it welcomes any outside interest in this subject and contributions to the consultation.
• Click here for the consultation paper