By Jim Bulling and Luke Camilleri
On 1 February 2019, the Australian Securities and Investments Commission (ASIC) announced its participation in the recently created Global Financial Innovation Network (GFIN). The GFIN is comprised of 29 regulatory bodies from jurisdictions such as Hong Kong, Singapore and the United Kingdom. The GFIN was established to:
- act as a network of regulators to collaborate and share experiences of innovation in respective markets, including emerging technologies and business models, and to provide accessible regulatory contact information for firms;
- provide a forum for joint regtech work and collaborative knowledge sharing; and
- provide firms with an environment in which to trial cross-border solutions.