In late 2016, the European Banking Federation called on the European Commission to create a plan for an EU-wide fintech testing environment.
The European Banking Authority (EBA) banking stakeholders group made a similar recommendation last year, adding that the EBA should take the lead in developing guidelines to achieve harmonization in regulatory practices and supervisory criteria on nationally established sandboxes.
Proponents of a pan-European fintech testing platform have been buoyed by the progress of the Financial Conduct Authority’s (FCA) sandbox, which has motivated regulators from various parts of the continent to introduce similar programmes.
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