FCA Selects Nine Firms to Run Pilot as Part of Green FinTech Challenge
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
Related Links
Keywords: Europe, UK, Banking, Insurance, Securities, Fintech, Climate Change Risks, Green Fintech Challenge, Project Innovate, ESG, FCA
Previous Article
FCA Report Evaluates Impact of the Innovate Initiative for FintechRelated Articles
PRA Guides Further on Treatment of Payment Deferrals in CRR and IFRS 9
PRA published a "Dear CEO" letter from Sam Woods, its Deputy Governor and CEO, to update the March guidance on treatment of COVID-19-related payment deferrals under IFRS 9 and the Capital Requirements Regulation (CRR).
MAS Announces Additional Relief Measures Amid COVID Crisis
MAS, along with the Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Enterprise Singapore (ESG), announced a package of measures to support those that may face cash-flow constraints.
ESMA Consults on Guidelines for Cloud Outsourcing
ESMA published a consultation paper on guidelines on outsourcing to cloud service providers.
EBA to Release Data for 2020 Spring Transparency Exercise Next Week
EBA announced that it will release the bank-by-bank data of the Spring 2020 EU-wide transparency exercise on Monday, June 8.
PRA Issues Statement on Use of E-Signatures to Submit Regulatory Forms
PRA issued a statement confirming that firms may use electronic signatures for submission of forms and other regulatory documents, although in specific instances PRA may request a "wet signature" where it is appropriate to do so.
EBA to Require Additional Reporting and Disclosures for COVID Measures
EBA published the guidelines and templates for reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
FCA Guidance Confirms Support for Mortgage Customers Amid Crisis
FCA updated its guidance confirming the support firms should give to mortgage customers that are either coming to the end of a payment holiday or are yet to request one.
US Agencies Temporarily Amend Supplementary Leverage Ratio Calculation
US Agencies (FDIC, FED, and OCC) published an interim final rule that temporarily revises the supplementary leverage ratio calculation for depository institutions.
APRA FAQ for Standard on Margins for Non-Centrally Cleared Derivatives
APRA published a frequently asked question (FAQ) providing guidance to all APRA-regulated entities in determining their requirements under the prudential standard CPS 226 on margins and risk mitigation for non-centrally cleared derivatives.
EBA Proposes Revised Standards for Own Funds and Eligible Liabilities
EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.
