In notes previous We have followed up on the Digital Transformation Law of the financial sector in Spain, which regulated the sandbox, that is, controlled testing spaces for new solutions in the sector, in such a way that regulators could observe first-hand the development of the new financial product.
In this sense, it has transpired that the Ministry of Economic Affairs and Digital Transformation of Spain has received a total of 67 applications for projects under the scope of financial sandbox in its first call, being the last deadline to submit proposals last Tuesday, February 23 , as mentioned Expansion. Likewise, it is important to mention that the projects presented revolve around topics of technology innovation, such as: digital identity, blockchain, cloud computing, artificial intelligence, internet of things and big data. Likewise, it is mentioned that there are projects of foreign origin by countries such as Israel and Canada, which are quite favorable for following the innovation process in the financial sector.
Regarding the evaluation of projects presented to the aforementioned ministry, these will be transferred to the Bank of Spain, the National Securities Market Commission and the General Directorate of Insurance and Pension Fund for the purpose of carrying out the corresponding evaluation.