The Central Bank of Bahrain (“CBB”) has been re-elected as a member of the Global Financial Innovation Network’s (“GFIN’s”) Coordination Group for a second term, alongside 10 other regulators from across the globe following an internal voting process. The Financial Conduct Authority (“FCA”) UK have also been re-elected as the Chair and the Secretariat of GFIN, for a second term.
The GFIN which was launched three years ago, is a network of over 60 international financial regulators and related organizations committed to supporting financial innovation in the interests of consumers. It seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. The GFIN also aims to create a new framework for co-operation between financial services regulators on innovation related topics, sharing different experiences and approaches.
The GFIN is overseen by the Coordination Group, which sets the overall direction, strategy, and annual work program of the network. The organization has recently held a vote amongst its members and wider group to elect a chair, secretariat, and the Coordination Group’s members for a two-year term. Besides the FCA which will continue to Chair the GFIN, the newly elected Coordination Group Members include: Australian Securities and Investments Commission, Bank of Lithuania, Bermuda Monetary Authority, Canadian Securities Administrators (Alberta Securities Commission, Autorite des marches financiers, British Columbia Securities Commission), Central Bank of Bahrain, Consumer Financial Protection Bureau USA, Dubai Financial Services Authority, Financial Conduct Authority UK, Guernsey Financial Services Commission, Hong Kong Securities and Futures Commission, and Israel Securities Authority.
Commenting on this occasion, Mr. Rasheed Al Maraj, Governor of the CBB said, “The Central Bank of Bahrain remains committed to working collaboratively with the GFIN to support innovation within the financial services sector which is one of the key priorities for us at a domestic level. We look forward to building mutually beneficial relations with the new Coordination Group members during this term.”
It is worth noting that Ms. Budoor Al Mulla, Senior Analyst at the Fintech and Innovation Unit, has been nominated to represent the CBB in a short video to be screened at the GFIN Annual Meeting regarding the CBB’s main objectives as a Coordination Group member and the main challenges for GFIN over the next two years.