A DEVELOPMENT IN OPEN INNOVATION
The UK Financial Conduct Authority (FCA) invited Innovate Finance to chair an industry consultation on an industry-led sandbox for financial innovation. The consultation was conducted between July 2016 and April 2017. The Consultation found that Industry Sandboxes can be an advancement in open innovation which develop, accelerate and promote collaboration in the FinTech ecosystem.
Further, the consultation identified options for the design, governance, funding, and regulatory treatment of Industry Sandbox which would generate industry demand and meet feasibility requirements.