In the first half of 2020, the Global Financial Innovation Network (GFIN), which was joined by the Bank of Lithuania last year, will invite companies across the globe to test their financial innovations in international markets.
Established in 2019, GFIN primarily focused on the development of cross-border testing, known as the “global sandbox” concept.
44 companies have already applied to test their innovative financial products in either one or several jurisdictions. The initiative was joined by 17 regulators out of the 50 GFIN members and observers. After the initial screening, GFIN members decided to continue working with eight firms. However, GFIN has recently announced in its report that it is currently unable to take forward any of the eight firms to begin testing, as they have not yet developed a testing plan that would satisfy the criteria of each jurisdiction.
It has also been stated that the cross-border testing pilot provided GFIN members with valuable experience and feedback that will help them to continue developing the framework for future cohorts. GFIN is now looking for solutions to address the identified issues and will announce the second call for applications in the first half of 2020.
The full GFIN report is available here