Regulatory sandbox - cohort 3

Find out about the 18 businesses that have been accepted into cohort 3 of the regulatory sandbox to test innovative products, services, business models and delivery mechanisms.

We received 61 applications for cohort 3 of the regulatory sandbox. 18 firms have been accepted to develop towards testing.  

We continue to see successful sandbox applications from a diverse range of sectors, locations and firm size. Accepted propositions cover a range of areas including blockchain based payment services, RegTech propositions, general insurance, AML controls, biometric digital ID and Know Your Customer (KYC) verification.

The current cohort consists of the firms listed below. Tests will be conducted on a short-term and small-scale basis with the FCA working with each firm to agree testing parameters and build in appropriate consumer safeguards.

Cohort 3 firms

Description

Barclays

RegTech proposition which tracks updates to regulations within the FCA Handbook and aligns their implementation to Barclays’ internal policies.

Barkat Ventures

International money transfer platform that enables customers to send healthcare services along with their remittances.

Chynge

DLT-based cross-border money remittance system that incorporates a transaction monitoring system which is powered by a virtual, artificial-intelligence compliance bot to tackle money laundering, terrorism financing, and fraud more efficiently.

Curl

New consumer payment network designed around open banking APIs, which works via @usernames and direct bank transfers.

Economic Data Sciences

Technology solution that utilises artificial intelligence to provide fund managers with a mathematically-defined optimal trade-off among a number of risks and objectives during the investment selection process.

Etherisc

Uses smart-contracts on a blockchain to provide fully-automated decentralised flight insurance.

first direct and Bud

App which learns customers attributes from transactional and demographic data to identify financial and non-financial products from a marketplace of first direct, HSBC and external institutions.

FutureFlow

Transaction monitoring system that monitors the movement of money through the economy by tagging individual units of value in transaction amounts and facilitates the sharing of anonymised information between parties in order to help prevent financial crime.

Nationwide

Automated solution providing digital savings guidance and investment advice.

Orca

P2P investment aggregation platform that facilitates investment in a diversified portfolio of P2P loans.

Rebank

Platform that consolidates business bank accounts into one login. Using predictive algorithms, Rebank offers businesses the potential to improve the efficiency of their banking tasks and business payments.

ResonanceX

New electronic platform that enables end-to-end automation of price discovery, execution and life-cycle management of structured products using centralised or blockchain asset custody.

Sherpa Management Services

Insurance solution that offers members one account to set-up and manage multiple insurance risks. Sherpa offer dynamic products which provide the ability to increase and decrease the sum assured as needs change.

Solidi

Blockchain based payments platform that uses cryptocurrencies to facilitate money remittance at a faster speed and with lower transaction costs.

Spherical Defence Labs

Application Programming Interface (API) security system that detects advanced hacks and breaches in banks powered by deep learning and computational linguistics.

Square Book

New auction method of book-building for initial public offerings/private placements that aims to be fairer and more transparent than existing methodologies.

Wrisk

Usage-based contents insurance product with innovative risk scoring method.

Yoti

Technology provider that lets users create an encrypted, biometric digital identity linked to their government issued ID. Yoti lets users of the app actively consent to share their verified identity details with financial institutions for use in KYC verification.