The Financial Conduct Authority (FCA) has confirmed the companies that are to begin testing in the third cohort of its sandbox.
Part of the Innovate initiative, the sandbox allows firms to test innovative products, services or business models in a live market environment, while ensuring that appropriate protections are in place. The sandbox is a global first for the FCA, underlining its commitment to innovation in financial services.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “Since we first opened the sandbox, it has supported almost 70 firms in testing innovative new products and services. It is particularly encouraging that we are now seeing more applicants from outside London and a broader range of firms testing in the sandbox.â€
Accepted propositions cover a range of areas including blockchain based payment services, RegTech propositions, general insurance, AML controls, and biometric digital ID and Know Your Customer (KYC) verification.
Firms involve include Barclays, first direct and Nationwide.
Latest News
-
Jaguar Land Rover hack estimated at £1.9bn as fallout hits suppliers
-
Zalando installs robots to pick and sort stock
-
MHRA to use AI to predict side effects in drug trials
-
Innovate Finance partners with The Data City to develop RegTech market classification
-
Google in talks to supply Anthropic with multibillion-dollar cloud capacity
-
China alleges US cyber breaches at National Time Center
The future-ready CFO: Driving strategic growth and innovation
This National Technology News webinar sponsored by Sage will explore how CFOs can leverage their unique blend of financial acumen, technological savvy, and strategic mindset to foster cross-functional collaboration and shape overall company direction. Attendees will gain insights into breaking down operational silos, aligning goals across departments like IT, operations, HR, and marketing, and utilising technology to enable real-time data sharing and visibility.
The corporate roadmap to payment excellence: Keeping pace with emerging trends to maximise growth opportunities
In today's rapidly evolving finance and accounting landscape, one of the biggest challenges organisations face is attracting and retaining top talent. As automation and AI revolutionise the profession, finance teams require new skillsets centred on analysis, collaboration, and strategic thinking to drive sustainable competitive advantage.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories