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In 2020 the City of London Corporation and the Financial Conduct Authority collaborated to develop a Digital Sandbox, a novel platform and the first of its kind in Europe. It provides access to features such as synthetic data, an API marketplace, a digital testing environment, and a collaboration platform to support innovation and address challenges in tech development and adoption.

The Digital Sandbox is listed in the Kalifa Review of UK Fintech and forms part of the recommendation to create a scale-box that supports technology development and adoption. It is also a key part of the Chancellors wider plan for UK financial services. Since its launch in Autumn 2020 the Sandbox has hosted a range of activity.  This included an initial pilot which supported the development of technology solutions responding to issues exacerbated by the COVID pandemic.  The sustainability cohort which followed contributed towards creating a greener financial sector and aiding the transition to Net Zero. More generally, the Digital Sandbox has added value in supporting the innovation and adoption of cutting-edge technologies in financial services.

Through the collaboration on the Digital Sandbox, the City Corporation and FCA demonstrated the potential to strengthen the competitiveness of our financial and professional services. This includes improving the attitude towards innovation, and increasing the capacities and capabilities needed to maintain the UK’s status as a global, innovative hub.

The City Corporation remains very supportive of the ongoing work of the FCA to evolve the Digital Sandbox and build out a permanent operating model for the platform. To register for updates visit the Digital Sandbox Pilot website.