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

Financial Inclusion

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. [...]

RegTech

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 [...]

Prudential Risk

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 [...]

Digital Identity

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 [...]

Open Banking

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 post PSD2 [...]

Landscape: Financial Services Sandboxes and API Marketplaces