BBVA highlights the approval of the project for the creation of the financial sandbox in Spain

BBVA believes that Spain is at the forefront of countries with fintech testing environments

In Spain, a news item recently became relevant, in relation to technological financial services, with the recent approval of a project for the creation of a test sandbox. This was indicated by BBVA on its website, where it also stated that Spain is at the forefront of countries with fintech testing environments.

„The financial business does not stop changing. Traditional banks have been embracing technological initiatives for years, ranging from contactless payment, mobile apps, biometrics or artificial intelligence to improve their business. And many of these disruptive changes have their origin in the fintech sector,“ they explained.

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„In just 10 years, investment in companies specializing in financial technology has risen from $9 billion worldwide to $137 billion, according to Statista,“ they later added.

On the other hand, from BBVA they stressed that the advances also require a new regulatory framework or the adaptation of the existing framework. „For this reason, several countries, including Spain, have taken the initiative and have created or are creating testing grounds for innovative financial service providers, whether banks or technology firms, to enable them to experiment under a secure umbrella. Always under the supervision of the financial regulator, while the applicable regulatory framework is being clarified“, they published on the BBVA website.

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Approval
In Spain, the Senate’s Committee on Economic Affairs and Digital Transformation has definitively approved the law for the digital transformation of the financial sector, which includes the development of the Sandbox, once it is published in the next few days in the Official State Gazette. This was reported to Cointelegraph en Español by the Spanish Association of Fintech and Insurtech (AEFI), in a statement.

Precedents
The United Kingdom or Hong Kong have set precedents with this type of initiative, although in Latin America they have also worked on regulatory issues. „Brazil or Mexico are some of the countries that lead different regulations and sandboxes in the fintech world. Alongside them are other nations with their own approaches, such as Colombia or Peru. Each territory, with its own proposals and approval rates, is moving towards the introduction of this new tool,“ said BBVA.

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Expectations
On October 5, BBVA also highlighted an entrepreneurial meeting called the South Summit, which was attended by Gonzalo Rodríguez, BBVA’s business development director in Spain, who said: „Today, more than ever, it is key to continue to invest in innovation and entrepreneurship. We are very much looking forward to the new sandbox law. This project contributes to placing Spain at the forefront of the EU and to positioning the country as a centre for innovation and attracting talent at a global level“.

„The sandbox is the definitive boost for accelerating innovation in financial services in Spain,“ said BBVA’s director of business development in Spain.