30 October 2020News

BMA signs up for GFIN’s cross border fintech initiative

The Bermuda Monetary Authority (BMA) has signed up to take part in a Global Financial Innovation Network (GFIN) initiative to promote cross-border testing.

The initiative aims to cross-jurisdictionally and geographically test innovative financial products, services, business models and regulatory technologies.

The BMA is one of 23 regulators from five continents involved in the project, which hopes to build on GFIN’s 2019 cross-border testing pilot.

GFIN comprises more than 60 international organisations and seeks to support financial innovation in the interest of consumers.

Firms interested in participating in the cross-border testing initiative are invited to review the list of participating regulators and their respective regulatory compendiums, and submit an application on the GFIN website before the end of the calendar year.