What is the FINANCIAL SANDBOX?

67 applications in the first call to access the FINANCIAL SANDBOX of the Ministry of Economic Affairs and Digital Transformation.

The FINANCIAL SANDBOX or controlled testing space aims to accompany the digital transformation of the financial system at the level of other initiatives in Europe.

In our legal system[1], this mesure will increase the security of financial consumers since the projects will only enter the market once the supervisor has verified full respect for consumers’ rights.

It is expected that in March or April, depending on whether the term is extended, the Treasury will publish the projects that have received a favorable prior evaluation and, from this moment on, the promoters will have three months to sign with the competent authority the protocol in which the rules and conditions of the pilot test in which the tests will be developed are set.

Once the protocol is approved, the promoter will proceed to obtain the informed consent of the participants and, once the consent has been accredited before the supervisory authority, they will be able to start the pilot project tests.

Finally, having chosen the projects*, it will allow promoters to adjust their initiatives and regulators to incorporate the changes they determine necessary.

* Most of the projects are based on biometrics and digital identity, blockchain, cloud computing, AI, IoT and Big Data.

*Source: expansión.com

[1] Ley 7/2020, de 13 de noviembre, para la transformación digital del sistema financiero https://www.boe.es/diario_boe/txt.php?id=BOE-A-2020-14205