A few years to this part, the financial industry has undergone a radical change. The digital transformation, led by Fintech, has helped to draw a totally different picture for the consumer. However, this is only the tip of the iceberg, since the innovation of fintech can go much further, but for this, an element that has been talked about a lot during the last weeks is needed: the so-called regulatory sandbox.
Sandbox would be a controlled testing space
First of all, it is worth explaining that the sandbox would be a controlled testing space in which fintech could launch their latest innovations and assess their impact on the market and society, without being chained by a regulation that can not evolve the same speed as the industry. Thanks to its private sandbox, the UK was able to lead fintech innovation in the European Union. Now, the Brexit opens the door for another market to inherit this position, and Spain is in a privileged position.
Thus, under different governments, we have opted for innovation and leadership in the financial industry, taking the necessary steps to create the sandbox. In fact, although there is still work ahead, a few days ago the Council of Ministers gave its approval to the draft bill for the digital transformation of the financial system, which places the sandbox in the prelude to its approval by the Executive for later referral to the Cortes.
Currently, Spanish talent is increasingly gaining more presence in positions of greater responsibility of the main economic institutions. In parallel, the Spanish Fintech industry is growing rapidly to respond to a society that demands a transformation of the financial sector, resorting increasingly to services such as online lending. If we add to all this the possibility that Spain is a gateway to the Latin American market, we have all the necessary parts to be a leading world power in the Fintech sector.
The role of the Government
Now, it is important that the new Government that emerges from the elections resumes the work to, through the consensus with the different political forces, take forward a sandbox that, according to the calculations of AEFI (Spanish Association of Fintech and Insurtech), would generate 5,000 jobs and inject 1,000 million euros of investment in the Spanish market after two years of operation. If we can gather the consensus and the work of all around this country initiative, we can take the witness of the United Kingdom and become protagonists of the financial system of the future.