The UK’s Financial Conduct Authority (FCA) will be among 23 regulators from across the world taking part in a cross-border financial technology (FinTech) sandbox.
The new programme, which was trialled last year, is designed to allow FinTechs to test their products and services in a controlled international environment, under regulatory supervision.
It has been organised by the Global Financial Innovation Network (GFIN), a group of over 60 international organisations that are committed to supporting financial innovation on behalf of consumers. The FCA chairs the GFIN’s leading Coordination Group.
Participating regulators and other interested parties include organisations from the US, Canada, Australia, Abu Dhabi, Bahrain, United Arab Emirates, Dubai, Bermuda, the Channel Islands, Hong Kong, Taiwan, Singapore, Kenya, Lithuania, Kazakhstan, and Hungary.
Applications are now open for the first cohort of companies wishing to test financial products, services, business models, or regulatory technologies across more than one jurisdiction.
The 2019 trial attracted several applications from the RegTech space, notably companies seeking to extend anti-money-laundering (AML) and know your customer (KYC) checks across international borders.
Anyone interested in taking part in the sandbox should consult the list of participating regulators and submit their application via the GFIN website, before the 31 December deadline.
- In October, FCA invited the latest round of applications for its UK FinTech sandbox, and is also developing a digital sandbox programme, which aims to support early-stage startups.