Context: The Reserve Bank of India has opened the application window for all India based firms and innovators to participate in Global Financial Innovation Network (GFIN)’s first ever Greenwashing TechSprint.

Key-highlights

• RBI will be among the 13 international regulators taking part in GFIN’s Greenwashing TechSprint.

• The TechSprint will bring together 13 international regulators alongside firms and innovators to address GFIN’s priority on environmental, social and governance (ESG) and sustainable finance.

Global Financial Innovation Network (GFIN)

• The GFIN is an international network of financial regulators and related organizations committed to supporting financial innovation in the best interests of consumers.

• It was formally launched in January 2019 by an international group of financial regulators and related organizations.

• It seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas.

• This includes the ability to apply to join a pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction.

• The GFIN also aims to create a new framework for cooperation between financial services regulators on innovation-related topics, sharing different experiences and approaches.

• It is a network of over 70 organizations committed to supporting financial innovation in the interests of consumers.

• It is structured along member-led workstreams reflecting members' priorities and interests.

GFIN has three major workstreams

• Acting as a collaborative group of regulators to cooperate and share experience of innovation in respective markets.

• Providing a forum for joint policy work and regulatory trials.

• Providing firms with an environment in which to trial cross-border solutions.