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Onfido among eight firms accepted to cross-border regulatory sandbox

 

Eight firms have been selected to participate in the Global Financial Innovation Network’s (GFIN’s) cross-border regulatory sandbox, including mobile biometrics provider Onfido, Finextra reports.

GFIN selected Tradle, Ascent RegTech Starling Trust, Alphapoint, Coinvestion, DACX, Atlant, Onfido, and another unnamed firm from among 44 applicants. An organization consisting of 29 regulatory bodies from around the world, chaired by the UK Financial Conduct Authority (FCA), GFIN issued a call in January for companies testing innovative financial products, services, or business models across multiple jurisdictions interested in the fast-track authorization opportunities implicit in the initiative, according to the report.

“These are propositions that are not just tinkering around the edges of the status quo, but have the potential to fundamentally change how things are done,” FCA Executive Director of Strategy and Competition Christopher Woolard said at the Innovate Finance Global Summit. “Propositions that are taking on known cross-border issues, like trade and consumer access, and offer the possibility of real gains for society.”

Onfido co-founder and CEO Husayn Kassai recently told Biometric Update that identity theft is the common denominator behind almost $2 trillion in money laundering each year, which funds a range of major social problems.

Woolard says that “global challenges require a global response,” and that GFIN has received 1600 applications for support and directly helped nearly 700 companies accelerate their go-to-market strategies.

The FCA also recently unveiled its fifth sandbox cohort, its largest ever with 29 participants.

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