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Securities regulators from Canada, the U.S., the U.K., Asia and the Middle East are teaming up to create a “global sandbox” to facilitate innovation in the financial services sector on a cross-border basis.

The regulators’ new initiative, known as the Global Financial Innovation Network (GFIN), aims to enable innovative firms to scale novel products and services across borders more quickly and efficiently. The GFIN also will enable collaborative policy work among regulators and facilitate co-operation between regulators in the realm of industry innovation.

At the same time, regulators also have launched a consultation to seek feedback on the GFIN’s proposed mission and priorities.

“The creation of the GFIN is an important next step for organizations such as ours that are engaged actively in understanding and harnessing the benefits of innovation in financial services for consumers, while managing the potential harm,” said Christopher Woolard, executive director of strategy and competition at the U.K.’s Financial Conduct Authority (FCA). “The establishment of the GFIN can help share the experiences and knowledge from across different markets, while also providing a platform for innovative firms wishing to scale their propositions via testing in multiple countries.”

The initial group of regulators includes the Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF) along with the FCA, the Australian Securities and Investments Commission, the Monetary Authority of Singapore, Abu Dhabi Global Markets, the Central Bank of Bahrain, the U.S. Bureau of Consumer Financial Protection, the Dubai Financial Services Authority, Guernsey Financial Services Commission and the Hong Kong Monetary Authority. The group also is open to participation from other organizations.

“This network builds on our existing collaborations with international partners to support innovation,” said Pat Chaukos, deputy director of the OSC’s LaunchPad fintech unit, in a statement. “It furthers our commitment to enhancing the regulatory experience for emerging businesses that offer novel products and services to investors.”

Feedback on the consultation is due Oct. 14. Regulators are planning to consult on the initiative over the two months and to agree on their plans for the group later in the autumn.