Cross-Border Testing
The GFIN Cross Border Testing Lessons Learned (Cohort 1.0)
“The Global Financial Innovation Network (“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.
One area of focus for the GFIN has been to explore the concept of cross-border testing (CBT), also known as the ‘global sandbox’, and to create an environment that allows firms to consecutively or concurrently trial and scale new technologies, products, or business models in multiple jurisdictions.
The GFIN launched its first official CBT Cohort 1.0 in October 2020 with 23 regulators across eight regions participating in the initiative. A total of 38 applications were received from firms interested in testing their products and ideas, with two firms successfully taking forward their propositions to the live testing phase. See Report here: CBT Lessons Learned Report: Cohort 1.
Prior to the launch of Cohort 1.0; In January 2019, the GFIN launched a cross-border testing pilot to explore cross-border experimentation in multiple jurisdictions in real time. 17 regulators participated in the pilot and a total of 44 applications were received from firms interested in participating in the initiative, with eight firms progressing through to the testing plan development stage. The GFIN subsequently published a lessons learned report in January 2020, detailing the achievements and challenges of the pilot.”
Information for Firms
Applications for Cross-Border Testing are now closed. Interested firms for future cohorts may still review the following information ahead of potential future application windows:
Regulatory compendium
If you have further questions, please contact the regulators you are interested in working with directly.
Contact information is available in the individual compendium entries.
Participating Regulators
The following regulators are involved in the Cross-Border Testing workstream.
Abu Dhabi Global Market (ADGM), Abu Dhabi, UAE
Australian Securities & Investments Commission (ASIC), Australia
Alberta Securities Commission (ASC), Alberta, Canada
Astana Financial Services Authority (AFSA) Astana, Kazakhstan
Autorité des marchés financiers (AMF) Québec, Canada
Bank of Lithuania (LB), Lithuania
Bermuda Monetary Authority (BMA), Bermuda
British Columbia Securities Commission (BCSC), British Columbia, Canada
Capital Markets Authority (CMA, Kenya), Kenya
Central Bank of Bahrain (CBB), Bahrain
Central Bank of United Arab Emirates (CB UAE), Dubai, UAE
Consumer Financial Protection Bureau (CFPB), USA
Ontario Securities Commission (OSC), Ontario, Canada
Dubai Financial Services Authority (DFSA), Dubai, UAE
Financial Conduct Authority (FCA), UK
Financial Supervisory Commission Taiwan (FSC Taiwan), Taiwan
Guernsey Financial Services Commission (GFSC), Guernsey
Hong Kong Insurance Authority (HK IA), Hong Kong
Hong Kong Monetary Authority (HKMA), Hong Kong
Hong Kong Securities and Futures Commission (HKSFC), Hong Kong
Jersey Financial Services Commission (JFSC), Jersey
Magyar Nemzeti Bank (Central Bank of Hungary), Hungary
Monetary Authority of Singapore (MAS), Singapore