Cross Border Testing
The GFIN Cross Border Testing Lessons Learned (Cohort 1.0). The Global Financial Innovation Network (“GFIN”) was created to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale and test new ideas.
One area of focus for the GFIN has been to explore the concept of cross-border testing (CBT), also known as the ‘global sandbox’, and to create an environment that allows firms to consecutively or concurrently trial and scale new technologies, products, or business models in multiple jurisdictions.
The GFIN launched its first official CBT Cohort 1.0 in October 2020 with 23 regulators across eight regions participating in the initiative. A total of 38 applications were received from firms interested in testing their products and ideas, with two firms successfully taking forward their propositions to the live testing phase. See Report here: CBT Lessons Learned Report: Cohort 1.
Prior to the launch of Cohort 1.0; In January 2019, the GFIN launched a cross-border testing pilot to explore cross-border experimentation in multiple jurisdictions in real time. 17 regulators participated in the pilot and a total of 44 applications were received from firms interested in participating in the initiative, with eight firms progressing through to the testing plan development stage. The GFIN subsequently published a lessons learned report in January 2020, detailing the achievements and challenges of the pilot.”
