News reaching us from a reliable source reports that an announcement has been made by the UK Financial Conduct Authority(FCA) regarding creating a global initiative to improve collaboration on fintech innovations between regulators and companies. This announcement was made official just yesterday.
This new alliance was dubbed “the Global Financial Innovation Network (GFIN)”. It’s main aim is to help fintech firms in the area of interaction with different regulators from different parts of the world, as they will go into partnership with 11 different financial authorities.
The New alliance aims towards towards regulating securities and initial coin offerings putting in mind that they have to make research on topics such as the growth of technologies like distributed ledger tech and artificial intelligence (AI).
One of the most respected FCA’s board members, Christopher Woolard, added that newly created alliance is a sure way to harness the benefits of innovation in financial services for consumers, while managing the potential harm, also putting in mind that this is only an improvement to the already existing Fintech regulatory sandbox that had been launched earlier this year.
Now, let’s have some throwbacks on reports released this year July by the Big Innovation Centre, DAG Global, which stated that UK will become a leader in the blockchain technology by the year 2022, this news might be just a stepping stone to that prophecy.