DFSA’s Role In Supporting Global FinTech Innovation Highlighted In First GFiN Report

Muhammad Irfan Published June 25, 2019 | 02:30 PM

The Global Financial Innovation Network, GFiN, today published a report highlighting the efforts of the international community of regulators, including the Dubai Financial Services Authority, DFSA, in driving global FinTech innovation and cross-border testing of innovative ideas

DUBAI, (UrduPoint / Pakistan Point News / WAM - 25th Jun, 2019) The Global Financial Innovation Network, GFiN, today published a report highlighting the efforts of the international community of regulators, including the Dubai Financial Services Authority, DFSA, in driving global FinTech innovation and cross-border testing of innovative ideas.

Titled "GFiN – One Year On", the report details the GFiN’s many activities over the past year, the challenges it has faced, achievements, and its ambitions for the future.

The GFiN is a network of international regulators and related organisations committed to supporting financial innovation, and to create a framework for cooperation between regulators to share experiences and approaches to innovation.

As of June 2019, the GFiN has 35 financial services regulators with full membership status and seven observers, including the International Monetary Fund and the World Bank, from a total of 21 jurisdictions. As a founding member and a member of the GFiN Coordination Group, the DFSA supports the Network's mission of advancing financial integrity, consumer protection, financial inclusion, and financial stability, through innovation in the sector.

Bryan Stirewalt, Chief Executive of the DFSA, said, "As part of the GFiN, we have the opportunity to collaborate with many global regulators, and to help achieve the UAE’s vision of establishing Dubai as a global FinTech hub, while also leveraging the advances in technology to enhance regulatory standards and compliance by firms, and to help build a more robust financial environment that welcomes and protects investors."

At the beginning of February, the DFSA announced its participation in GFiN’s cross-border test pilot programme. GFiN members received 44 applications, globally for the pilot, a significant number of which were from Regulatory Technology, RegTech, companies. Eight of the 44 applications passed the initial screening process.

The DFSA received six of the 44 applications, with two RegTech applicants - Ascent RegTech and Starling Trust - being considered for the cross-border pilot.