Spain will regulate banks and fintechs in a favorable way
The Government took out a public bill to digitally transform the financial system through a sandbox
Through a text published by the Foundation of Savings Banks (Funcas), the president of the Spanish Association of Fintech and Insurtech (AEFI), Rodrigo García de la Cruz reported that the Government brought to public consultation a bill to transform digitally the financial system. The star measure is to create a sandbox.
The sandbox is the testing space in which the technological firms test projects under a regulated framework. According to García de la Cruz, this is “one of the best solutions to accelerate financial innovation”.
The initiative pursues the digital transformation of the financial system. For this reason, traditional banking and fintechs “are expectant.” In fact, consulted experts point out that among the benefits will be the development of innovation, the creation of employment, the legislative update, the reduction of costs, the promotion of competition and the attraction of investments.
García de la Cruz stressed that the implementation of the sandbox in Spain, one of the first within the European Union, can attract startups from other countries that do not have such attractive regulatory frameworks. The country would not only be a pioneer in continental Europe, but also in Latin America.
N. Moncada
Source: AlNavio
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