FCA announced the list of nine firms that will run tests as part of its Green FinTech Challenge, which involves developing innovative products and services to assist in the transition of UK to a greener economy. The FinTech Challenge is a pilot approach for FCA Innovate. Additionally, Christopher Woolard, Executive Director of Strategy and Competition at FCA, outlined achievements under the Innovate project, at the Innovate Finance Global Summit in London.
Applicants were asked to provide information about their idea, what they would like from FCA, and how they think they meet the eligibility criteria. FCA received 22 applications to the Green FinTech Challenge, out of which nine firms have been accepted and will receive support across the range of services of FCA Innovate. The challenge was open to start-ups, incumbents, and technology providers meeting the eligibility criteria of assisting in the transition to a greener economy, benefiting UK markets and consumers, and having the need for Innovate services. Successful applicants will benefit from a range of services, which include:
- The Regulatory Sandbox
- Direct Support
- The Advice Unit
- Bespoke Green Finance cohort engagement
Keywords: Europe, UK, Banking, Insurance, Securities, Fintech, Climate Change Risks, Green Fintech Challenge, Project Innovate, ESG, FCA
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