The centre’s growth was further boosted in February 2019 when it joined the Global Financial Innovation Network (GFIN), a newly-formed alliance of some 30 regulators and other organisations including the UK’s Financial Conduct Authority, the International Monetary Fund, and the World Bank Group, committed to: (1) collaborate and share experience of innovation in their respective markets; (2) exchange knowledge and lessons learned in RegTech related matters; and (3) provide firms with an environment to test cross-border solutions.
The GFIN initiative on cross-border testing will allow firms to simultaneously test innovative products, services or business models in multiple jurisdictions, including Kazakhstan, the United Kingdom, USA and elsewhere.
“We are pleased to be part of this initiative. GFIN will facilitate greater regulatory cooperation between like-minded authorities to foster a sustainable global financial ecosystem. This network is an extension of AIFC’s commitment to further facilitate cross-border financial activities in a fair, transparent and efficient manner,” said Asylbek Davletov, Chief FinTech Officer of the AFSA.
Professor Alexander Van de Putte, Chairman of the AIFC Academic Council, added: “The CISI’s comprehensive suite of exams – and its world-class continuing professional development services – will help us exploit this important new network to the hilt.”