Industry Sandbox Consultation Report

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.

USE CASES: Wicked Problems

Digital Identity

08/05/17

For the Sandbox Consultation Report, views on Digital Identity were provided by Dave Birch of Hyperion Consulting and Jim Purves from GOV.UK Verify. A view from Dave Birch, Director of Innovation,

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Distributed Ledger Technologies

08/05/17

As the adoption of Distributed Ledger Technologies (including blockchain) in financial services matures and it moves from a proof-of-concept technology into production, for example in cross-border payments, trade finance or

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Financial Inclusion

09/05/17

An Industry Sandbox could be useful in developing and testing new products and business models that are specifically designed to foster financial access and improve financial health and wellness. It

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Open Banking

08/05/17

On 16 November 2015, the EU passed the Revised Directive on Payment Services (PSD2), and gave member states two years to incorporate the directive into laws and regulations. In the

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Prudential Risk

08/05/17

A view from Keith Saxton, Chair Financial¬†Services and Payments Programmes, techUK “FinTech innovations can have a significant impact on approaches taken by the prudential regulators and central banks. The goal to

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RegTech

08/05/17

A view from, Richard Maton, Chief¬†Marketing and Strategy Office, Sybenetix “The framework being developed by the industry for MiFIDII data management and reporting provides the catalyst for innovative technologies such as

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Landscape: Financial Services Sandboxes and API Marketplaces