Featured Product

    FCA Held DataSprint to Develop Datasets for Digital Sandbox Pilot

    September 02, 2020

    FCA held a three-week DataSprint in July and August 2020, bring together 120 participants from across regulated firms, startups, academia, professional services, data scientists, and subject-matter experts. They collaborated on developing high-quality synthetic financial datasets to be used by participants in the forthcoming digital sandbox pilot. The digital sandbox will enable innovative firms to test and develop proofs of concept in a digital testing environment around three use cases related to COVID-19 pandemic. These use cases are detecting and preventing fraud and scams; supporting the financial resilience of vulnerable consumers; and improving access to finance for small and medium-size enterprises.

    The creation of a synthetic ecosystem of financial data is a highly ambitious and complex task. During the DataSprint, participants made significant progress in developing data models and typologies, evaluating methodologies, and producing reference data for millions for synthetic individuals and businesses. Over 50 participants have continued working since the sprint, refining and expanding the data assets produced. In the coming weeks, once this work is completed, FCA will open applications for the digital sandbox. The participating organizations included Deloitte, Dun & Bradstreet, Experian, EY, FCA, FinTech Relationship, FinTech Sandpit, Fiola/Finexos, Gensys, Global Open Finance Center of Excellence (GOFCoE), Grant Thornton, Harvard Business School, HSBC, ING, Office for National Statistics, Refinitiv, RegNet, and Santander.


    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Cyber Risk, Fintech, Regtech, COVID-19, Data Sprint, Regulatory Sandbox, FCA

    Related Articles

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938