The launch of a Sandbox, a testing environment for technology-based financial innovation, is an essential step to support the digital transformation of Spain’s financial sector and respond to consumers’ new needs with full safeguards.
This is one of the conclusions of the conference “Sandbox: reality and usefulness for the Spanish market”, organised by AEB, AEFI, CECA, Unacc and UNESPA, which was attended by representatives of the CNMV, the Bank of Spain and the Ministry of Economy and Enterprise.
All participants at the forum held on 14 February agreed that the Sandbox must 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 euro area economy.
The urgent approval of this initiative will help consolidate the dynamism of the national Fintech ecosystem, retain specialised technology talent in Spain, promote investment in leading-edge sectors of the national economy and create jobs, while streamlining processes and fostering a more competitive financial services market.
The Sandbox is designed as a controlled testing space, where the innovation process is carried out in a completely safe environment for institutions, supervisors and consumers alike, within a legal framework that combines robustness and security.
This tool will also make it possible to accelerate understanding of the impact of new technologies on the provision of financial services and ensure that their adoption has a positive impact for consumers, without creating risks for society or financial stability.
