HAMILTON, BERMUDA – The Bermuda Monetary Authority (BMA) today announced that it has joined the Global Financial Innovation Network (GFIN). GFIN is a group of 29 international organisations committed to supporting financial innovation in the interests of consumers.
GFIN seeks to provide an efficient way for innovative firms to interact with regulators, including a crossborder pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction. GFIN also provides a forum for joint Regulatory Technology (RegTech) work and collaborative knowledge sharing.
Moad Fahmi, Senior Advisor, Supervision (Financial Technology) said, “The BMA’s involvement with GFIN is a testament to its commitment to support innovation and to collaborate with the international regulatory community. GFIN provides a sound platform to leverage the BMA’s current initiatives like the Innovation Hub and the Regulatory Sandbox but also to share and cooperate on the digital transformation of financial services.”