The Financial Conduct Authority (FCA), the UK financial regulator, has announced the formal launch of its Digital Sandbox software testing environment. The sandbox, which has been available for two previous pilot schemes, will be made permanently available to businesses from 1st August 2023.
The Digital Sandbox is a virtual environment where companies can experiment with new ideas without the risk of regulatory penalties or operational disruptions. It provides a space for innovators to test their concepts using synthetic data, APIs, and other digital tools. The platform will also “enable regulators to observe in-flight testing” and may inform future policy decisions, the FCA said.
[Image Source: Financial Conduct Authority]
