The Financial Conduct Authority (FCA) of the United Kingdom has launched a Digital Sandbox. The plan is to assist early-stage technology enterprises in banking, investing, lending, and payments.
The Digital Sandbox enables these companies to test their products without affecting the actual world, providing a safe environment for project evaluation. They plan to help businesses launch new products and services.
The UK government has also suggested a sandbox for financial market infrastructure and launched a consultation for digital securities.
These initiatives seek to promote technical developments and innovation in the financial industry.
More information on the project will be available on August 1, 2023.