AIFC’s Committee launches Global Financial Innovation Network programme

01 February, 2019, 15:13 949
AIFC’s Committee launches Global Financial Innovation Network programme

The programme focuses on cooperation and experience exchange in the field of innovation, knowledge exchange in regulatory technologies, opportunities for companies to test innovation products. 

The Astana International Financial Centre (AIFC) has given a start to the Global Financial Innovation Network programme, BNews.kz correspondent reports.

“We’re glad to be part of this initiative. The GFIN is designed to facilitate the cooperation between regulators-similar entities to maintain the stability of the world financial system. This project facilitates the implementation one of the tasks of the AIFC relating to the development of trans-border financial services on a fair, transparent and efficient basis,” said the AIFC Committee’s Managing Director for Financial technologies Asylbek Davletov.

To take part in the programme, it is necessary to review a list of the participating regulators, the relevant requirements and submit an application until 28 February 2019.

The regulatory requirements of the countries where the test will be conducted should be met for those wishing to undertake the programme. The GFIN’ members’ powers and responsibilities are available here. The GFIN invites other financial regulators and international organizations.

More information on the GFIN and a list of the countries where pilot testing can be undertaken, click here.

Global Financial Innovation Network is a group of 29 world financial regulators and organizations, including the Great Britain’s Financial Activity Control Department, the International Monetary Fund, the World Bank Group and the AIFC Financial Service Regulation Committee. The programme focuses on cooperation and experience exchange in the field of innovation, knowledge exchange in regulatory technologies (RegTech), opportunities for companies to test innovation products, services and business-models in certain countries concurrently, including Kazakhstan, Great Britain, the USA and other jurisdictions.