Fintech research organisation the Cambridge Centre for Alternative Finance (CCAF) has officially launched a global fintech collaboration scheme to improve communication between fintech providers and regulators across the world.
The Cambridge Alternative Finance Collaboration Network (CAFCN) aims to create a “network of regionally-embedded resources and capabilities engaged in the creation and exchange of knowledge needed by policymakers, regulators and industry to navigate the digital transformation of the global financial system.”
The CAFCN launch was initially announced in December 2020, after the CCAF identified a need for more global fintech research and regulatory collaboration. So far, it has been set up in four regions – sub-Saharan Africa, the Middle East and North Africa, Asia-Pacific, and Euro-Mediterranean – where it offers an education programme reaching 645 financial regulators in 118 countries.
Dr Robert Wardrop, director and co-founder of the CCAF, said that the CAFCN “will also be introducing digital tools, currently under development, that provide the necessary resources to feed a dynamic global network that enables tangible assistance to be delivered to underbanked, unbanked, financially excluded populations.
“These tools will be equally relevant to supporting the development of micro, small and medium-sized enterprises worldwide,” he added.
The CAFCN said that it hopes these regional research collaborations will ultimately lead to evidence-based regulatory updates and boost financial inclusion, particularly within emerging markets.
The new collaboration body was set up in response to a CCAF study which found that fintechs need better regulatory support in order to boost innovation and grow.