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Could your fintech firm be involved in driving the recovery from coronavirus?

July 28, 2020

What has happened?

It has been announced this month that the FCA and the City of London Corporation will collaborate on the pilot of a digital sandbox to support innovative firms in tackling challenges caused by the coronavirus pandemic. The launch of the pilot represents a further stage of the FCA’s commitment to encouraging and supporting innovation in financial services through its Innovate, Regulatory Sandbox and TechSprint programme.

What do you need to do?

The partnership is expected to see the organisations work together to develop and launch a digital testing environment to provide firms with access to high-quality data sets to allow for the testing and validation of technology solutions. In its pilot stage, the digital sandbox will support large financial institutions and start-ups looking to play a key role in the recovery from coronavirus through supplying relevant data sets and expertise in detecting and preventing fraud and scams, supporting vulnerable customers, and improving access to finance for SMEs financially affected by the pandemic.

The FCA will publish further information including how to apply to the digital sandbox and the specific use cases later in the summer.

How can we help you?

We often work with fintech start-ups from the early stages, helping them launch dynamic and compelling new propositions with commercially-minded regulatory compliance built-in from the ground up. If you’d like to know more about how we can help with your fintech FCA application or compliance requirements, or any other aspect of FCA compliance, our expert team is here to help. Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.