This panel at South Summit addressed the impact that the Spanish regulatory Sandbox will have on the financial sector and how it will help to boost fintech startups, as well as the importance of establishing a closed regulatory testing space to accelerate innovation, avoiding risks for third parties.
Moderator: Asunción Gilsanz, Chief Entrerprise Architect Banco Sabadell
- Haydée Barroso, Head of Digital Strategy at InnoCells by Banco Sabadell
- Rodrigo García de la Cruz, President AEFI
- José Manuel Marqués, Head of the Financial Innovation Division at Banco de España
- Richard Cohen, Senior Associate Allen & Overy
Asunción Gilsanz began the session by contextualizing the concept of Sandbox as a secure area where fintech startups can test their products, stimulate innovation and accelerate the incorporation of new business models.
At this point, Haydée Barroso explained that Sandbox is a positive initiative for the Spanish market, taking into account the contribution it has made in other markets. He stressed that this model will bring more startups and talent to the country.
Finalizing the panel, the pros and cons of Sandbox were addressed, as well as the main challenges. Haydée Barroso, for his part, commented that the first challenge is the approval of the model. Then, have the necessary resources, both economic and human. A specific budget for Sandbox and standards are necessary, although it is flexible according to the market.
If you could not attend, we recommend the video.