Innovate Finance Releases Preview of Key Findings from Industry Sandbox Consultation

A preview of the Industry Sandbox consultation paper has been released at the Innovate Finance Global Summit 2017.

The UK Financial Conduct Authority (FCA) invited Innovate Finance to chair an industry consultation to explore the feasibility of an industry led sandbox for testing off-markets financial innovation. The consultation was conducted between July 2016 and April 2017. A full set of consultation findings, best practices and recommendations will be published in early May 2017.

Industry Sandboxes are an advancement in open innovation which present an opportunity to further develop, accelerate and promote collaboration in the FinTech ecosystem.

Industry sandboxes can be useful as a means to accelerate:

– Solution development by providing the whole of the FinTech ecosystem with access to resources such as data, APIs, or reference architectures which enable entrepreneurs to create solutions which are additive and more readily integrated with the existing technology stack;

– Complex problem solving by facilitating industry collaboration on identifying and addressing complex shared consumer, technological and regulatory challenges;

– Regulatory efficiency by encouraging regulators to engage as observers where industry can share knowledge early in the life cycle of solution development.

The final consultation report will present the key findings from: surveys, collaborative design workshops, call for input, interview and roundtables with ecosystem participants.

The consultation report is designed to provide industry with a comprehensive set of high level requirements, use cases, best practices and implementation options to allow industry participants to create industry sandboxes that are t for their specific purposes.

For further information about the Consultation please refer to www.industrysandbox.org