Manama, Bahrain – The Central Bank of Bahrain (“CBB”) has been re-elected for a third term as a member of the Coordination Group of the Global Financial Innovation Network (“GFIN”), along with 11 other regulators around the world, following an internal voting process. . Held during GFIN’s annual meeting hosted by the Consumer Financial Protection Bureau in November 2023 in Washington, DC. The UK Financial Conduct Authority (“FCA”) was also re-elected as Chair and Secretariat of GFIN. 3rd term.
Launched five years ago, GFIN is a network of more than 70 international financial regulators and related organizations dedicated to supporting financial innovation. The network aims to provide a more efficient way for innovative companies to interact with regulators and help companies looking to scale new ideas move between countries. GFIN also aims to create a new framework for cooperation among financial services regulators on innovation-related topics and to share different experiences and approaches.
GFIN is overseen by a coordinating group that sets the network’s overall direction, strategy, and annual work program. The organization conducted a vote among its members and broader group during its annual general meeting in November 2023 to elect new Coordination Group members for a four-year term. In addition to the FCA, which will continue to chair GFIN, the newly elected coordinating group members include the Australian Securities and Investments Commission, the Bank of Lithuania, the Bermuda Monetary Authority, the Canadian Securities Administrators (Alberta Securities Commission, and Autorite). De March Financiers, British Columbia Securities Commission). ), Central Bank of Bahrain, US Consumer Financial Protection Bureau, Dubai Financial Services Authority, UK Financial Conduct Authority, International Financial Services Center Authority, Jersey Financial Services Commission.
Yasmeen Al Sharaf, Director of Fintech and Innovation at CBB, said in a statement: “We are delighted to have been re-elected as a member of the Coordination Group. This is a testament to the Central Bank of Bahrain’s unwavering commitment and dedication.” said. “We aim to support innovation in the global financial landscape. Building on our contributions to the network over the past two years, we are excited to support the efforts of the GFIN network and lead the various workstreams planned for the coming period. I’m looking forward to it.”
In June 2023, GFIN launches the first virtual greenwashing event hosted in the UK FCA Digital Sandbox, with the aim of bringing together international regulators and innovators to address GFIN’s environmental, social and governance priorities. The successful launch of TechSprint is noteworthy. (ESG) by developing tools and solutions that enable regulators and markets to effectively address and mitigate the risks of greenwashing in financial services. CBB participated in his TechSprint along with a total of 14 other international regulators. FCA hosted the GFIN Greenwashing TechSprint Showcase Day, with winners announced in September 2023.
In addition, CBB, in collaboration with other GFIN members, has also led a GFIN study examining the implementation of artificial intelligence and machine learning (AI/ML) technologies in financial services. This project constitutes a study to better understand and broaden the scope of current trends in AI/ML in financial services within the respective jurisdictions of GFIN Member States, and to inform the treatment of these technologies by financial regulators. We looked into this and came up with an outlook from a regulator’s perspective.