10th February 2017, London, UK: Innovate Finance, the UK’s membership association for global FinTech, today issued a Call for Input on the demand and feasibility of an Industry Sandbox in the UK.
The proposed Sandbox will enable startups, financial institutions, large technology companies and data vendors to come together to experiment with innovative FinTech technology in a virtual environment. It will be designed by industry for industry to progress the journey into open innovation started by accelerators and to take more innovative ideas into live production faster.
Having consulted the FinTech industry widely, Innovate Finance suggests in this Call for Input that the creation of an Industry Sandbox will potentially support innovation in two main ways.
Firstly, the Sandbox could make it easier for startups to access a wide set of data sets, technologies or certifications that allow them to validate their products and thus get them to market faster, bridging the gap between proof of concept and production. Secondly, the Sandbox could make it more efficient for all players in the FinTech ecosystem to come together and resolve challenges the industry faces as a whole, including digital identity, authentication, fraud, and supervising AI algorithms.
In April 2016 Innovate Finance was invited by the FCA to lead a working group to explore options for an industry-led virtual sandbox. This followed a recommendation in the FCA’s regulatory sandbox report. The Call for Input pulls together all the feedback received through this consultation process to date. It is the final opportunity for interested and knowledgeable parties globally to respond.
The deadline for responding to Call For Input is the 10th March 2017.
The final view from the consultation will be issued at the Innovate Finance Global Summit 2017, on 10 April.
Please get in touch with Innovate Finance to learn more about contributing to this initiative.