The Bermuda Monetary Authority (BMA) has joined the Global Financial Innovation Network (GFIN).
GFIN is a group of 29 international organisations committed to supporting financial innovation in the interests of consumers and provides a forum for joint regtech work and collaborative knowledge sharing.
Additionally, it is designed to provide an efficient way for innovative firms to interact with regulators, including a cross-border pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction.
BMA’s decision to join GFIN follows the launchof its regulatory sandbox and innovation hub in 2018.
The two parallel innovation tracks were launched by the BMA to help the regulatory environment that both protects policyholders appropriately and promotes and is conducive to the use of technology.
Following a companies proposal, the BMA will determine the regulatory and legislative requirements, which will be modified for the sandbox testing.
After a company successfully completes the sandbox testing period, it will be re-licensed to existing and will be fully subject to the relevant legal and regulatory requirements.
Moad Fahmi, senior advisor of supervision (financial technology) commented: “The BMA’s involvement with GFIN is a testament to its commitment to support innovation and to collaborate with the international regulatory community.”
“GFIN provides a sound platform to leverage the BMA’s current initiatives like the innovation hub and the regulatory sandbox but also to share and cooperate on the digital transformation of financial services.”
Firms interested in applying to take part in the pilot cross-border tests should review the list of participating regulators and submit an application before the deadline on 28 February.
