14 September 2016, London — Innovate Finance, the independent membership association serving the global FinTech sector, is launching a survey today to support its current consultation on an industry sandbox.
The survey is a response to the UK’s Financial Conduct Authority (FCA) request for Innovate Finance to chair an industry-wide consultation on the development of a virtual sandbox. This initiative will enable FinTech startups to test their innovations before accessing the market.
The survey aims to identify the innovation challenges a sandbox environment must address to gain widespread acceptance and adoption across the FinTech ecosystem. It also invites industry to identify the “testing assets” — open APIs, data, systems — that should be accessed via a sandbox environment.
All financial institutions, FinTech startups, data and technology vendors, and professional service providers are in scope for this consultation process. Final recommendations, due by early 2017, will take into consideration on-going work on open access to bank data in the UK. The consultation is overseen by a steering committee, comprising industry experts, membership body representatives from the BBA, TechUK and TISA, Innovate Finance’s strategic partners Hogan Lovells, HM Treasury, and the FCA.
The industry sandbox project provides the industry with the opportunity to fast-track new ideas to market by reducing barriers to innovation such as access to data, access to pre-production environments, lengthy procurement processes, or understanding of existing regulation.
Lawrence Wintermeyer, CEO of Innovate Finance said: “We are very excited about the industry sandbox consultation and hope that we receive feedback from the community to identify the key challenges to delivering further innovation to market. We urge members and all of the players in the global FinTech ecosystem to participate in the survey so we can provide valuable feedback to create a useful sandbox design for financial services.”
Innovate Finance is committed to working with the global FinTech industry and all relevant ecosystem partners to develop a recommendation to a best practice industry sandbox, connecting the UK’s progressive regulatory stance on innovation and global open innovation.