May 26, 2020

The Government gives the green light to a testing space or «sandbox» for the technological developments of banking

The Government gives the green light to a testing space or «sandbox» for the technological developments of banking


MadridUpdated:

The Executive has given the green light to the anterpoyecto of Law of digital transformation for the financial system, that includes the creation of a «sandbox» that will last at least one year and that will allow testing of technological developments to financial institutions. When the first 12 months of operation are completed, there will be an evaluation in which institutions such as the CNMV, the Bank of Spain or the General Directorate of Insurance and Pension Funds.

The Minister of Education and government spokesperson, Isabel Celaá has confirmed the creation of this test spaces in the press conference of the Council of Ministers the penultimate presided by the president of the Government Pedro Sanchez before the dissolution of the cameras. A "sandbox" that has ensured that it will last at least one year.

This «sandox», included in the Draft bill for digital transformation It will allow to give a nature charter to a controlled test specification, with a framework of supervision and regulation of the technological developments in the sector.

In this regard, the Minister of Economy and Business, Nadia Calviño, explained recently that the Executive also last for the next Council of Ministers the creation of a body to protect customers of financial products and that the Executive intends to complete in this term.

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