The Financial Conduct Authority (FCA) has launched a permanent digital sandbox aimed at boosting innovation in the finance sector.
The sandbox’s launch follows two successful pilots by the authority with the rationale of helping to support innovative business, start-ups and data providers.
The FCA said the Digital Sandbox is a testing environment that will provide businesses and innovators with support at the early stage of product development, stemming from the pilot which saw more than half of the scheme’s SME participants make positive developments in areas such as launching new products and funding.
The authority added that the Sandbox will provide participants access to high-quality datasets, robust data security protection, a collaborative platform to share learnings and an observation deck to enable interested parties such as regulators to observe in-flight testing.
“The Digital Sandbox from the FCA represents a positive step when it comes to supporting innovation, and particularly for RegTech providers striving to deliver technology solutions that can bring significant business benefits,” said Dr Henry Balani, global head of industry and regulatory affairs at Encompass Corporation.
The sandbox will launch on 1 August.
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