29 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

FCA says regulatory sandbox growing in popularity as second cohort is unveiled

15 June 2017  |  8216 views  |  0 Footsteps in sand

The Financial Conduct Authority has selected 31 firms for its second cohort of regulatory sandbox participants, narrowing down the field from an initial list of 77 submissions.

The range of firms testing in the second cohort is diverse, covering a variety of geographies and sectors including wholesale, general insurance, payments, retail banking and retail lending.

Accepted propositions from firms cover a range of ideas including distributed ledger technology-based payment services and artificial intelligence software to observe client behaviour and better determine client preferences before financial advice is given.

Christopher Woolard, executive director of strategy and competition at the FCA, says: “The sandbox continues to grow in popularity and it is particularly encouraging that both the number of firms applying and accepted for testing has increased in cohort two. That means more innovative firms, trialling more innovative propositions to bring to the market. This is an important part of the FCA’s commitment to promoting innovation and competition in the markets we regulate.”

In the sandbox’s first phase, 24 firms were accepted out of 69 applications and 18 firms had testing plans approved in October 2016.

Woolard says the majority of tests have developed as planned towards meeting their objectives with the expectation that most firms will take forward their propositions to market.

First out of the blocks is Billon, a company providing distributed ledger technology for micropayments, which has had the restrictions on its registered status as a small e-money firm lifted by the FCA following its sandbox trial. Billon’s technology allows corporate clients to manage thousands of loyalty incentive payouts themselves, and provides the ability to gather data on recipients during the transaction, a feat that it claims is currently impossible with a one-way bank transfer or with a voucher.

With the window closing on the second cohort, the FCA is inviting applications to participate in its third phase, which will commence testing in November 2017.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Central Bank of Bahrain debuts regulatory sandbox

Central Bank of Bahrain debuts regulatory sandbox

14 June 2017  |  6052 views  |  0 comments | 7 tweets | 10 linkedin
HSBC and Lloyds among first FCA sandbox cohort; applications invited for next round

HSBC and Lloyds among first FCA sandbox cohort; applications invited for next round

07 November 2016  |  10024 views  |  0 comments | 17 tweets | 13 linkedin
Abu Dhabi opens fintech RegLab

Abu Dhabi opens fintech RegLab

02 November 2016  |  5511 views  |  0 comments | 3 tweets | 14 linkedin
Malaysia sets out fintech sandbox framework

Malaysia sets out fintech sandbox framework

19 October 2016  |  13530 views  |  0 comments | 9 tweets | 5 linkedin
FCA to kickstart sandbox with 24 applicants

FCA to kickstart sandbox with 24 applicants

22 September 2016  |  11371 views  |  0 comments | 34 tweets | 17 linkedin
Thailand sets up fintech sandbox

Thailand sets up fintech sandbox

22 September 2016  |  8334 views  |  0 comments | 19 tweets | 8 linkedin
HKMA to set up fintech sandbox and innovation hub

HKMA to set up fintech sandbox and innovation hub

06 September 2016  |  7161 views  |  0 comments | 15 tweets | 12 linkedin
Singapore regulator proposes fintech sandbox

Singapore regulator proposes fintech sandbox

06 June 2016  |  8048 views  |  1 comments | 15 tweets | 22 linkedin
FCA opens regulatory sandbox

FCA opens regulatory sandbox

09 May 2016  |  10501 views  |  0 comments | 18 tweets | 29 linkedin
Asic to establish regulatory sandbox

Asic to establish regulatory sandbox

04 May 2016  |  6599 views  |  0 comments | 5 tweets | 9 linkedin
UK Government maps out fintech strategy; FCA takes wraps off startup sandbox

UK Government maps out fintech strategy; FCA takes wraps off startup sandbox

11 April 2016  |  9602 views  |  0 comments | 12 tweets | 22 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comdownload the report nowvisit www.www.fisglobal.com

Top topics

Most viewed Most shared
HSBC hires Biggs to lead business model innovationHSBC hires Biggs to lead business model in...
9819 views comments | 16 tweets | 18 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
9271 views comments | 10 tweets | 6 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7877 views comments | 6 tweets | 6 linkedin
Body blow for PayKey as Apple orders Westpac off its turfBody blow for PayKey as Apple orders Westp...
7445 views comments | 12 tweets | 14 linkedin
BBVA trains 1000 'ambassadors of design'BBVA trains 1000 'ambassadors of design'
6999 views comments | 15 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job