This Thursday, the Israeli Securities Authority (ISA) announced that it is co-launching a new network, in conjunction with a number of other regulators across the globe, to promote financial technology.
Spearheaded by the UK’s Financial Conduct Authority, the Global Financial Innovation Network (GFIN) is going to be composed of 29 regulators and financial bodies, including the International Monetary Fund and the World Bank.
The main purpose of the new group is to foster innovation and allow companies that are developing financial technology products to navigate the various regulatory regimes of the different bodies that make up the GFIN.
The group is also developing a new ‘sandbox’ for companies to develop their products and test-run them. Companies that want to join the sandbox will have until the end of February of this year to apply for membership.
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ISA – fostering FinTech
For the regulators themselves, the network will be used to share experiences in financial technology. For example, determining appropriate measures to take, or not take as the case may be, with regard to new technologies and business models.
As with the FCA and a number of other prominent regulators, the ISA has been developing its own initiatives regarding financial technology for some time.
Back in July, for instance, the Israeli regulator created a ‘regulatory hub’ aimed at fostering innovation in the financial technology space.
“I have placed financial innovation at the top of the Authority’s agenda and on the capital market’s agenda,” said ISA Chairwoman Anat Guetta. “Israel is a pioneer in terms of innovation in the field of financial technology, cyber and other fields. It is our duty to enable the companies to have the regulatory infrastructure that will keep the interest of the investing public and will enable the development of innovative technologies that will eventually improve and make the consumption of financial services in Israel more accessible.