First GFIN report prepared with contribution from the MNB was published on the experiences of cross-border innovation test environmentPrint
First GFIN report prepared with contribution from the MNB was published on the experiences of cross-border innovation test environment
Budapest, 20 January 2020 – The Global Financial Innovation Network (GFIN) announced the inaugural cross-border financial innovation test environment initiative in January 2019. The Magyar Nemzeti Bank (MNB) also joined the initiative. The “Cross-border Testing: Lesson Learned Report”, released on 16 January 2020, summarises the experiences of the first testing phase. Simultaneously with publication of the report, the GFIN also launched its own website for the initiative.
First of the Visegrad countries, the MNB joined the GFIN initiative in early 2019. The goals of the international network dedicated to supporting financial innovation are to facilitate international cooperation between authorities and innovative market players and to jointly support global proliferation of FinTech solutions. In line with these goals, in January 2019 the GFIN announced the inaugural cross-border financial test environment initiative, in which the MNB also took part together with 16 other authorities.
The recently published ”Cross-border Testing: Lesson Learned Report” summarises the results of the first testing phase, as well as developments due in the near future that can further support the GFIN’s goals. The inaugural cross-border financial innovation test environment received a total of 44 applications; however, only 8 firms were given the opportunity to develop testing plans. Although the readiness level of the pre-approved applications did not allow the testing phase to start, the authorities have repeatedly consulted with all applicants to support these innovative companies regarding entry into international markets. Following a thorough evaluation of the first test period, the second test round is expected to be launched in the first half of 2020, in which the MNB will once again provide the opportunity to participate.
Simultaneously with publication of the report, GFIN members also launched their dedicated website for the initiative. GFIN-related news, information and reports will be available uniformly at https://www.thegfin.com/. A continuously expanding list of GFIN members will also be published on the new website.