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Peer2Peer Finance News | August 21, 2019

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Crowd2Fund using FCA hub for international expansion

Crowd2Fund using FCA hub for international expansion
Marc Shoffman

CROWD2FUND is looking for international partners to help it expand into overseas markets.

The peer-to-peer business lender said it was looking to make use of the Global Financial Innovation Network (GFIN) hub, which was set up by the Financial Conduct Authority (FCA) in January to help fintech firms test products across different countries.

“We have entered a new digital era where the GFIN trade hub lays the foundations for a very exciting and prosperous future,” Chris Hancock (pictured), chief executive of Crowd2Fund, said.

“A solid fintech cross-border regulatory framework is critical for international collaboration and facilitation of trade and will allow us to do business in a hyper-efficient manner going forwards.”

Read more: Crowd2Fund publishes loanbook and performance data

In addition to the FCA, participating members of the GFIN include: the Australian Securities & Investments Commission, the Central Bank of Bahrain, the Bermuda Monetary Authority, British Columbia Securities Commission, Ontario Securities Commission, Québec’s Autorité des Marchés Financiers, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, Hungary’s Magyar Nemzeti Bank, Kazakhstan’s Astana Financial Services Authority, the Bank of Lithuania, the Monetary Authority of Singapore, Abu Dhabi Global Market, Dubai Financial Services Authority, Guernsey Financial Services Commission and Jersey Financial Services Commission.

Crowd2Fund has already used a fintech bridge partnership set up between the UK and Australia to establish an office in Sydney.

The new office will be headed up by Rob Older, who has worked with Crowd2Fund since its launch in 2014 and the platform is partnering with Australian debt collection software company InDebted to support its operations in the country.