After the success of the first call for the Financial Sandbox, where 18 projects have finally been admitted in this inaugural edition of a total of 67 presented, at iCommunity Labs we have signed an important collaboration agreement with Blue innovation spin-off of Finnovating and CMS Spain , references in business and legal advice to companies for their entry into the Sandbox.
The long-awaited Sandbox is a controlled and regulated test space so that new fintech business models can safely deploy and adapt their projects to the digital framework. It will generate a significant boost to innovation in the financial technology sector.
The high number of applications received highlights the importance for companies of being one of those chosen for the program, and the need for the support of external experts in the insurtech, fintech and legal sectors for the presentation and development of the project. This is where the experience of Blue innovation by Finnovating and CMS Spain, leaders in Sandbox advice, makes them a key and essential partner, to ensure that the preparation of the report meets the expectations of the convening bodies.
Of the 67 projects presented in the first call, 18 have been initially accepted into the controlled testing space. Among the projects admitted to access the sandbox, 9 of them use blockchain technology. The commitment to innovation is evident in the variety of projects admitted that cover different sectors, products and services.
Benefits for companies.
This first call has made it possible for Spain to establish itself as one of the 7 most innovative countries in Europe in terms of financial sector policies. For companies it is a great opportunity to validate the viability of their projects at a commercial and legal level, have a closer and up-to-date relationship with the supervisor, and improve their brand recognition. All these benefits will create a more competitive ecosystem, and greater investment in companies. It is estimated that once the projects go on the market, up to 5,000 new jobs will be created and a biannual investment of one billion euros will be created.
Fintech & blockchain, the perfect match?
Blockchain technology has demonstrated its ability to improve the banking sector, reducing the costs and risks associated with different operations. The association of iCommunity Labs with Blue innovation by Finnovating and CMS Spain, arises to provide a new window of possibilities, both to companies that want to present themselves to the next Sandbox call (enhancing their business model to facilitate their access to the next calls ) as well as for all types of financial-based companies that want to value their services and increase their competitiveness with the most disruptive technology.
The fact of being able to use iBS in these projects – the BaaS API platform of iCommunity Labs that allows to adopt blockchain quickly and easily – will mean a qualitative leap for companies in the financial sector, adding value by improving and streamlining a multitude of processes: payments cross-border, private equity, derivative products, business records, expense records, mortgage and loan records, audits, reconciliations, reporting … etc
The Sandbox is a unique opportunity where companies can assess their business visibility under the safe supervision of the competent authority. In this new scenario, iCommunity Labs and its partners Blue innovation by Finnovating, CMS Spain position themselves as a key partner to facilitate the entire process of admission and transformation of companies that want to apply to the next call, and be at the forefront of the innovation in your sector.