Banks and fintech start-ups are being invited to join Lloyds second regulatory sandbox cohort for the testing of innovative financial products. Of the 69 firms who applied, 18 of these have been deemed ready to proceed. Among those, HSBC will test an app to help customers manage their finances, while the Financial Conduct Authority's 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; Lloyds , a cross-border money transfer service powered by blockchain , and the Financial Conduct Authority's , 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. Of the 69 firms who applied, 18 of these have been deemed ready to proceed. 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.