Digital Sandbox step in the UK

The UK’s financial regulator, the Financial Conduct Authority (FCA), has announced that the Digital Sandbox will be operational as a permanent platform, allowing companies to test new products and services. This development will provide an opportunity to meet and test innovative concepts earlier in the banking, investment, lending, payment processing, insurance and pension sectors.

The Financial Conduct Authority (FCA), the UK’s financial regulator, is working on a continuous version of the Digital Sandbox so companies can test new products early in the development process. This trial platform from FCA will be open to innovative ideas in the banking, investment, lending, payment processing, insurance and pension fields. With each new idea, regulators will meet early in the process and monitor the progress of technical testing.

In the statement made by the regulatory body, the following statements were included: After two successful trials, our digital trial site will be permanently put into service on August 1, 2023. This platform will provide broader access to innovators, start-ups and data providers.