After its successful UK sandbox, the Financial Conduct Authority (FCA) is taking the idea global. Director of Strategy and Competition Christopher Woolard said firms “demand to operate globally, to grow at real scale and pace.”
Woolard said at the Innovate Finance Global Summit in London that they have worked with “500 firms and with 70 of them they have worked in-depth through the fintech sandbox. Those firms include many blockchain companies, as well as other start-ups and global corporations”. According to Woolard, 90 percent of the companies from the first round of applications “have gone on to market.”
FCA’s ambitions are greater than ever before. Their thoughts of international sandbox contain the idea that representatives of different regulators oversee pilots and tests could reduce duplicative regulatory work. It includes collaboration in areas such as AML and KYC.
Christopher Woolard rose thoughts about the regulation of this processes. In his speech he mentioned US, Europe, Australia, Japan, and South Korea who will concentrate on “developing solutions to the challenges of money laundering, financial crime and terrorist financing.”
“Finance is a truly global sector and it only makes sense that we tackle the challenges of our age together […] The opportunities are there for the taking – and we are poised to reach out and grab them with both hands,” concluded Cristopher Woolard in his speech.