Bank of Lithuania will contribute to the development and strategy of the Global Financial Innovation Network (GFIN)

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The Bank of Lithuania has been admitted to the coordination group of the Global Financial Innovation Network (GFIN) which shapes the strategy and directions of the organization.

“Having participated in GFIN almost since its inception, we are appreciated for our work in developing innovations in the financial sector. Participation in the governance of GFIN will provide us with a new opportunity to actively contribute to analysis and forecasting. developments in financial services globally.In cooperation with other regulators, we will share best practices and, through regulatory, monitoring and data management technologies, we will ensure that innovative and secure financial solutions , which increasingly cross borders, reach consumers, ”says Marius Jurgilas, Board Member of Bank of Lithuania.

The Bank of Lithuania joined GFIN in early 2019. GFIN brings together more than 70 global financial market supervisors from different jurisdictions. It is a global platform to share ideas and the latest knowledge on modern business models and emerging products in the market. It makes it possible to explore various financial innovations using modern reporting and supervision tools (RegTech, SupTech). GFIN also serves as a forum to respond to global challenges in the financial sector, such as the COVID pandemic, climate change or the extremely rapid development of new technologies. More information is available here.

During the two-year term, the new GFIN coordination group will review the overall mission of the network and explore other means of cooperation among network members in order to link initiatives across jurisdictions and shape a global market for financial innovation.

One of GFIN’s core business areas is the Global Cross-Border Testing Initiative, which brings together companies and regulators from around the world to test innovative products, services, business models or regulatory technologies in a global regulatory sandbox. . The cross-border initiative is the main area where GFIN can generate the greatest added value for regulators, financial innovation firms and society. Ideas tested in the regulatory sandbox can be more easily adapted to the market and the risks they may pose are better understood by financial supervisors, thus ensuring that only safe products enter the market.

Currently, the Bank of Lithuania, together with two other central banks of GFIN and three financial market supervisory authorities, is assessing the proposed solution by the Polish company in the regulatory sandbox of the Bank of Lithuania. The objective of the test is to develop a sustainable development report template that makes it possible to monitor the way in which financial market players manage risks related to sustainable development and to perform analysis of data related to climate change. More information is available here.

Disclaimer

Bank of Lithuania published this content on 07 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 07 October 2021 05:36:05 AM UTC.


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