The Global Financial Innovation Network, a group of 29 organisations including regulatory bodies, is inviting applications from firms that want to test innovative financial products, services or business models in more than one jurisdiction.

The GFIN is an international network of organisations whose aim is to support financial innovation in the interests of consumers. It was proposed in August 2018, building on the relevant organisations’ earlier proposal to create a global 'sandbox,' an odd term that generally means a relaxation of regulatory rules for FinTech start-ups.

The regulators and other bodies have now launched a pilot for firms that wish to test products and services and have agreed to announce the pilot in their respective jurisdictions. The pilot tests will provide a more efficient way for innovative firms to interact with regulators across the world while they attempt to bring their new ideas to market.