The implementation of a sandbox, a test environment for financial innovation based on technology, is an essential step to support the digital transformation of the financial sector in Spain and respond to the new needs of consumers with all the guarantees.
Sandbox: reality and usefulness
This is one of the conclusions of the day ‘Sandbox: reality and usefulness for the Spanish market’ organized by AEB, AEFI, CECA, Unacc and UNESPA, which was attended by the heads of the CNMV, the Bank of Spain and the Ministry of Economy and Business.
All forum participants agreed that the sandbox should be approved as soon as possible so that the Spanish financial sector can maintain its position of technological leadership in Europe and continue to strongly support the growth of the eurozone economy.
The approval of this project will consolidate the dynamism of the national fintech ecosystem, retain specialized technological talent in Spain, promote investment in leading sectors of the national economy and generate employment, since the processes are streamlined and a market is fostered.
Financial services more competitive
The sandbox is configured as a controlled testing space, where the innovation process is carried out in a completely secure environment, both for entities, supervisors and consumers, in a legal framework that combines strength and security.
This tool will also allow to accelerate the understanding of the impact of new technologies in the provision of financial services and ensure that their adoption has a positive impact for the consumer, without generating risks for society or financial stability.