Manama, October 12 (BNA): The Central Bank of Bahrain (“CBB”) was re-elected as a member of the Global Financial Innovation Network (GFIN’s) Coordination Group for a second term, along with 10 other regulators from around the world after an internal voting process.
The Financial Conduct Authority (“FCA”) of the United Kingdom was also re-elected as the Chair and Secretariat of GFIN for a second term.
Launched three years ago, GFIN is a network of over 60 international financial regulators and related organizations committed to supporting financial innovation for the benefit of consumers.
It seeks to provide a more efficient way for innovative companies to interact with regulators, helping them to move between countries as they look to expand the scope of new ideas.
GFIN also aims to create a new framework for cooperation between financial services regulators on topics related to innovation, and to share different experiences and approaches.
The coordination team oversees the GFIN which sets the overall direction, strategy and annual work program for the network.
The organization recently conducted a vote among its members and a broader group to elect a chairperson, secretariat, and members of the coordination group for a two-year term.
Besides the FCA that will continue to chair GFIN, newly elected members of the Coordinating Group include the Australian Securities and Investments Commission, the Bank of Lithuania, the Bermuda Monetary Authority, and Canadian Securities Administrators (the Alberta Securities Commission, financiers Autorite des marches, and the British Columbia Securities Commission ), the Central Bank of Bahrain, the US Consumer Financial Protection Bureau, the Dubai Financial Services Authority, the UK Financial Conduct Authority, the Guernsey Financial Services Commission, the Hong Kong Securities and Futures Commission, and the Israel Securities Commission.
“The CBB remains committed to working collaboratively with GFIN to support innovation in the financial services sector which is a key priority for us at the local level,” said CBB Governor Rasheed Al Maraj.
“We look forward to building mutually beneficial relationships with the new Coordination Group members during this period.”
A Senior Analyst in the FinTech and Innovation Unit Bodour Al Mulla has been nominated to represent the CBB in a short video to be shown at the CBB’s annual meeting regarding the CBB’s key objectives as a member of the coordination group and the key challenges facing GFIN over the next two years.