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The Financial Conduct Authority has called for the creation of a global alliance of regulators that would encourage growth in fintech by allowing companies to test new products without going through a full approval process.
Christopher Woolard, the FCA’s executive director of strategy and competition, said on Monday that “later this week we start work with interested regulators, including colleagues across Europe, the US and Far East, on a blueprint” for a so-called “global sandbox”.
The UK regulator has won plaudits from business since launching its own “sandbox” in 2016, which gives companies temporary approval to try out new products, reducing the time and cost of getting them to market, and making it easier for young companies to raise funding.
Speaking at the Innovate Finance Global Summit in London, Mr Woolard said expanding such a programme internationally would be “an immense undertaking”, but said “we’re up for the challenge”, having already seen “lots of interest” from other regulators.
“There’s real momentum behind this and we hope that before long the ambition of a global sandbox will be a reality”, he added.
As well as making it easier for fintech firms to expand internationally by testing their products in multiple jurisdictions, the FCA is hoping a coordinated effort will help regulators tackle cross-border problems such as money laundering.
Later this month it will hold an event alongside international partners from the US, Europe, Australia, Japan and South Korea which Mr Woolard said he hoped would be “a first step in establishing a deep international dialogue around the role of technology in tackling money laundering and criminal finance”.
Source: Financial Times
