The Central Bank of Ireland (CBI) has opened applications for its Innovation Sandbox.
The Innovation Sandbox Programme aims inform the early stage development of selected innovative initiatives that promote better outcomes for consumers and the financial system. Through the programme, CBI says it aims to provide regulatory advice and support to firms on their innovative projects, in line with its public policy objectives.
The theme of the Innovation Sandbox Programme is:
“Combatting Financial Crime – Through the use of innovative technology, foster and develop innovative solutions that minimise fraud, enhance KYC/AML/CFT frameworks, and improve day-to-day transaction security for consumers.”
CBI says the programme will encourage collaboration across the ecosystem to support the fight against financial crime. Programme outputs will include inter alia the documentation and sharing of learnings in fraud prevention and detection. The programme also aims to facilitate the development of new ventures and new business models that solve challenges identified in this sandbox theme and facilitate the faster and safer deployment of substantially new technologies, products, or services.
The Sandbox Programme framework comprises:
- A structured programme of workshops
Each month participants will engage in workshops on specific topics relevant to the theme of Combatting Financial Crime. The topics will be relevant to participants and tailored to their needs and requirements as much as possible. - Ongoing bespoke engagement with dedicated Sandbox Relationship Managers
Each participant will engage regularly with their dedicated Sandbox Relationship Manager, who will act as their point of contact to oversee and coordinate participation throughout the programme. The Sandbox Relationship Manager will also liaise with a broad range of Central Bank teams – from across the pillars of Consumer and Investor Protection, Financial Regulation, and Monetary and Financial Stability – to provide regulatory advice and support as required. - Access to Data Platform
Each participant can avail of access to a Data Platform offering data sets and tools relevant to the theme of Combatting Financial Crime. This will allow participants to test and develop their innovation.
For more information, see the Innovation Sandbox Programme webpage featuring FAQs, a Guidance Note and the Application Form.
The Sandbox will be open for applications until 31 October.
