From: Lexology
Darragh Murphy, Josh Hogan and Adam Finlay | McCann FitzGerald
The European Banking Federation (“EBF“) recently issued a paper recommending the creation of a Europe-wide FinTech sandbox, which would let companies experiment with new cross-border financial services. The paper also recommends a number of other actions at EU level in the areas of e-identification, prudential regulation, cloud services, data, cybersecurity, digital platforms, payments and on digital skills. The EBF is the umbrella representative organisation for 32 national banking associations in Europe.
The FinTech Regulatory Sandbox
A regulatory sandbox creates a `safe space’ in which businesses can test innovative products, services, business models and delivery mechanisms in a live environment without immediately having to apply for authorisation or incur the associated expenses. A number of jurisdictions have introduced a regulatory sandbox approach in the FinTech area over the last several months, including, for example, the UK and Singapore.
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