The Government of Spain, through the General Secretariat of the Treasury and International Financing, has Open this Thursday the registration period for the fourth call for the financial sandbox, so that the promoters of innovative financial projects can be part of this controlled testing space. The requests will be able to register until October 13, 2022 through the electronic headquarters of the General Secretariat of the Treasury, a body dependent on the Ministry of Economic Affairs and Digital Transformation.
For this, it is necessary that the projects meet three fundamental requirements: provide a technology-based innovation applicable to the financial system, be sufficiently advanced and provide added value. The sandbox It is a controlled test space that allows testing innovative products, services and business models with full accommodation in the legal and supervisory framework. Through it, project promoters can test their innovative solutions in a real market environment under the supervision of financial supervisors and guaranteeing maximum protection for the user of financial services.
During the year 2021, the first year of operation of the sandbox, its first two calls were carried out, in which 79 applications were received, of which 22 received a favorable prior evaluation and 16 finally signed the protocol and began the period of tests. In the third call, three projects received a favorable prior evaluation. The projects of the first and second calls the testing period will end in 2022 and, after evaluating their results, the supervisors will issue a report of conclusions, which will make it possible to analyze possible regulatory improvements aimed at promoting the safe development of innovation within the financial sector.
For the time being, the General Secretariat of the Treasury and International Financing has included in the first annual report prepared on the sandbox a series of proposals to optimize the operation and enhance the results of the test space, as the Europa Press agency has been able to consult. Some of the measures to be studied, which have not been extracted from the testing phase of the projects, given that it is still to be concluded, contemplate the creation of an alumni network of admitted projects that allows those interested in presenting projects to contact those promoters who have successfully undertaken the testing period, favoring the exchange of information and collaboration.
Another proposal would be promote innovation hubs aimed at projects in the early stages of their life cycle. This tool would be complementary to the sandbox and the Treasury considers that it would affect both the number of projects presented and their degree of maturity when they request to start a testing phase. Finally, in order to continue optimizing its operation, the report refers to the possible review of the cohort call systemwhich currently only allows projects to be presented in two temporary windows per year, evaluating all the projects at the same time.
“A possible way to optimize the operation of the sandbox would be to move to an open system in which projects can be submitted at any time of the year and under which each project would follow an independent procedure. In this sense, it is proposed to start a line of work to study this and other proposals in greater depth”, indicates the Treasury in its report.
Source: LA INFORMACIÓN – Lo último by www.lainformacion.com.
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