The financial sector unites its voice to urge the approval of the Sandbox
The launch of a Sandbox, a testing environment for technology-based financial innovation, 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.
This is one of the conclusions drawn from the event ‘Sandbox: reality and usefulness for the Spanish market’ organized by AEB, AEFI, CECA, Unacc, and UNESPA, which featured the presence of officials from the CNMV, the Bank of Spain, and the Ministry of Economy and Enterprise.
All participants in the forum held on February 14 agreed that the Sandbox must be approved as soon as possible for the Spanish financial sector to maintain its position of technological leadership in Europe and continue to strongly support the growth of the Eurozone economy.
The urgent approval of this project will enable the consolidation of the dynamism of the national Fintech ecosystem, retain specialized technological talent in Spain, promote investment in leading sectors of the national economy, and create jobs, as processes are expedited and a more competitive market for financial services is fostered.
The Sandbox is configured as a controlled testing space, where the innovation process takes place in a completely safe environment, both for the entities, supervisors, and consumers, within a legal framework that combines robustness and security.
This tool will also accelerate the understanding of the impact of new technologies on 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.
