The Financial Conduct Authority (FCA) has joined financial regulators from around the world to create a new global network to boost fintech innovation.
The Global Finance Innovation Network (GFIN) will aim to provide a more efficient method for innovative fintech firms to interact with regulators.
The City watchdog has launched a consultation on the main functions for the GFIN. It proposes that the network will allow fintech firms to share experiences of innovation in different markets, providing a forum for joint policy work and providing firms with an environment to trial cross-border solutions.
This comes amid a business boom for fintech in the UK, after figures were released revealing that the British Isles had attracted more investment than any other country, accumulating $16.1bn. Four of Europe’s top 10 fintech deals occurred in the UK, cementing the UK as a funding hot spot.