Regulators Around The Globe To Collaborate To Encourage FinTechs

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Regulators from the U.K., U.S. and Hong Kong announced on Tuesday (Aug. 7) a new alliance aimed at encouraging the growth of FinTechs.

According to a report in Financial Times, citing the U.K. Financial Conduct Authority (FCA), the new alliance – dubbed the Global Financial Innovation Network – is part of the FCA’s aim to create a global sandbox that will allow companies to test innovative products with regulatory authorities on a temporary basis. It is seen as a way to reduce the time and costs associated with getting products in the marketplace, and is also aimed at helping startups raise funding.

The U.K. is among the first countries to introduce a FinTech sandbox, and now it wants to expand

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