Banks and fintech start-ups are being invited to join the Financial Conduct Authority's second regulatory sandbox cohort for the testing of innovative financial products. The FCA is also looking at how it can work with other regulators around the world on issues such as anti-money laundering (AML) regulation or digital currency regulation. May. The watchdog received applications from 69 firms, 24 of whom were deemed to meet the sandbox eligibility criteria for its first round of testing, including early stage start-ups, challengers and incumbent firms. Among those, HSBC will test an app to help customers manage their finances, while Lloyds is trialling a new approach to branch banking more closely aligned with online and phone-based services. Start-ups include Billon, a blockchain-based platform that facilitates the secure transfer and holding of funds; BitX, a cross-border money transfer service powered by blockchain, and Blink Innovation, an insurance product with an automated claims process.
Banks and fintech start-ups are being invited to join the Financial Conduct Authority's second regulatory sandbox cohort for the testing of innovative financial products. The FCA is also looking at how it can work with other regulators around the world on issues such as anti-money laundering (AML) regulation or digital currency regulation. Among those, HSBC will test an app to help customers manage their finances, while Lloyds is trialling a new approach to branch banking more closely aligned with online and phone-based services. Start-ups include Billon, a blockchain-based platform that facilitates the secure transfer and holding of funds; BitX, a cross-border money transfer service powered by blockchain, and Blink Innovation, an insurance product with an automated claims process.