FCA launches global fintech sandbox

Britain’s Financial Conduct Authority (FCA) is launching a global regulatory sandbox, after the successful progress of their 2016 release of a UK sandbox, that allows for innovative fintech development without requiring a full, strict regulatory process for testing.

At the Innovate Finance Global Summit in London, which is taking place March 19-20, FCA board member and Director of Strategy and Competition Christopher Woolard said in a speech that he sees a need for a sandbox on a global level in order for companies to “grow at real scale and pace.”

Woolard specifically mentioned bringing the US, Europe, Australia,Japan and South-Korea together in a TechSprint – a two-day FCA international fintech event – that will concentrate on “developing solutions to the challenges of money laundering, financial crime and terrorist financing.”

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