The FinTech Challenge concept involves us taking a more active role in driving innovation in an area where we see clear benefit to UK consumers and markets.
Building on the success of the pilot Green FinTech Challenge in 2018, we are running a second Green FinTech Challenge to support development and live market testing of new products and services that will aid the transition to a net zero economy.
The application window for this Green FinTech Challenge is now closed.
Successful applicants will be notified in early 2022, and a list of successful Green FinTech Challenge firms will be published on our website.
Benefits to firms
Successful applicants will benefit from a package of our firm support services (Direct Support, Advice Unit and the regulatory sandbox). In addition, the firms will be offered bespoke support and engagement for this 'green cohort', for example, taking part in showcasing and networking events.
All applications will be assessed against the following eligibility criteria:
- In scope: Are you looking to deliver innovation to aid the transition to a net zero economy?
- Genuine innovation: Is your innovation new or a significantly different offering in the marketplace?
- Consumer benefit: Does the innovation offer a good prospect of identifiable benefit to consumers (either directly or through greater competition)?
- Need for support: Does your business have a genuine need for Innovate services (Direct Support, Advice Unit, the regulatory sandbox)?
The Green FinTech Challenge doesn't replace our existing Innovate services. Firms developing propositions that aren't within the scope of the Green FinTech Challenge can apply directly to Direct Support, the Advice Unit or the regulatory sandbox.
This Green FinTech Challenge is being run as part of a broader programme of work using our regulatory innovation ‘toolkit’ to assist firms and regulators to overcome some of the challenges the transition to a net zero economy will raise.
If you have any questions about the Green FinTech Challenge, you can:
- email: [email protected]
- call: 020 7066 4488
Over the next few decades, climate change is likely to fundamentally transform our economies. We take all risks that have an impact on the markets and institutions we regulate seriously, including risks posed by climate change. Find out more about our approach to climate change and sustainable finance.
Previous Green FinTech Challenges
Read about our previous events:
Green FinTech Challenge 2018, October 2018