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EBRD to join Global Financial Innovation Network

Tuesday 19 February 2019 | 10:30 AM CET

The European Bank for Reconstruction and Development has applied to join the Global Financial Innovation Network as an observer.

The Global Financial Innovation Network is a global Fintech Sandbox project orchestrated by the UK. The Global Financial Innovation Network claims a number of global regulators – each looking to facilitate innovation in financial services in a cross border manner.

The European Bank for Reconstruction and Development is working with Estonia’s Ministry of Finance and the country’s Financial Services Authority to launch a technical assistance Fintech project. In a recent report by the EBRD, the bank said that while a supportive regulatory environment is key, finding a balance between innovation and regulation is difficult.

The same report indicates the European Bank for Reconstruction and Development will be working with Estonia to build a regulatory sandbox to facilitate Fintech innovation. The European Bank for Reconstruction and Development, the European Commission along with Estonian authorities will be developing a way to benchmark the success of the program in the coming months.

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