- 7th November 2018
Following the successful completion of the FCA regulatory sandbox programme in August 2018, Moneyfold was invited to share its experiences at an EBA roundtable on regulatory sandboxes and innovation hubs. The roundtable took place in early September at One Canada Square, Canary Wharf.
In its own words “The European Banking Authority (EBA) is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.”
The EBA was keen to understand the sandbox and innovation programmes undertaken by regulators in the EU and other jurisdictions with a view of informing a European framework for regulatory sandboxes and innovation hubs.
In this context, the roundtable took the form of a panel discussion including statements and questions from the audience. Moneyfold was privileged to join the panel and contribute to EU policy making alongside representatives from Luno, Barclays, EBA, Nivaura, BNP Paribas, Finans Danmark (organisations are listed in order of seating left to right).
The roundtable was conducted under Chatham House rules and no quotes can be attributed to specific individuals or organisations. It was very informative for us to hear the views and concerns of other industry participants. It was welcome to hear an acknowledgement that innovation in the financial sector in the EU is lagging behind Asia. We also found it unsurprising that the FCA is possibly the first regulator in an EU member-state to implement a successful a framework for testing innovations in the form of a regulatory sandbox. Many other European jurisdictions such as Luxembourg, France, Estonia, Malta are also involved in or examining similar programmes.
We look forward to the positive evolution of regulation supporting innovation in the financial sector.