The Financial Conduct Authority (FCA) and the City of London Corporation are collaborating on the pilot of a ‘digital sandbox’ to support innovative firms tackling challenges caused by the Covid-19 pandemic.
In its pilot stage, the digital sandbox will support large financial institutions and start-ups looking to play a key role in the recovery from coronavirus by detecting and preventing fraud and scams, supporting vulnerable customers, and improving access to finance for SMEs financially affected by the pandemic.
Both organisations say they will work together to provide access to high-quality data sets to allow for the testing and validation of technology solutions.
FCA interim chief Christopher Woolard says: "Building on our existing work supporting innovation in the market, we are now helping to establish a platform to tackle the challenges that will face the financial services sector in the recovery from Covid-19."