The Government is finalizing changes in the regulations of the “sandbox” or deregulated testing laboratory for financial innovation to promote it. “We are going to reduce the bureaucratic burden to access this tool and we also plan to give greater visibility to sandbox projects. For example, we intend to create thematic cohorts to give visibility“, advanced yesterday the general director of the Treasury, Carla Díaz Álvarez de Toledo.
The initiative, demanded by the supervisors, would imply the call for initiatives linked to, for example, technologies (blockchain and artificial intelligence), or solutions and businesses (payments, savings, insurance, etc.). The sector has asked eliminate calls and that there is a permanent presentation windowprovide it with a budget so that it has a team taking care of the sandbox and encourage investment to reach the projects from their start.
Since its creation in 2020 and, according to the head of the Treasury, 114 projects have been presented for various areas such as financial education, payments or financial instruments, and with different technologies such as distributed ledger technology, AI or biometric identification. “Some projects are already on the market or very close to being launched“, he said during a conference organized by the Spanish Association of Fintech and Insurtech (Aefi) to present the “White Paper on Fintech 2.0.” It is a publication promoted by the industry with proposals to promote the development of innovation in Spain.
The president of Aefi, Arturo González Mac Dowell, insisted that “regulation creates a market and regulatory delay slows it down.” “It cannot be that companies from other EU countries can provide services in Spain and ours cannot,” because they do not yet have the regulations or the license to do so, he explained, according to Efe. This situation sometimes causes a flight of talent to launch projects in friendlier jurisdictions.
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