Facilitadores de la innovación 2.0: impulsando la innovación financiera en la era fintech
Series: Occasional Papers. 2415.
Author: Concepción Fernández Zamanillo and Luna Azahara Romo González.
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Summary
This paper analyses the main characteristics of European innovation facilitators, in particular, sandboxes and innovation hubs. The facilitators involve direct contact with innovative companies and even experimentation with certain projects. They are used by the authorities to gain detailed knowledge of technology-based innovations, their benefits and risks, and their impact on the financial sphere. This knowledge facilitates the adaptation of financial regulation to the application of new technologies. In addition, this paper explores the evolution of innovation facilitators: in some cases, the changes have been so profound or the functionalities so novel, that some of these facilitators can be considered second generation or “Facilitators 2.0”. Moreover, since financial innovation is a phenomenon that knows no borders, the main initiatives at European level to promote cooperation and homogenisation among the national innovation facilitators are reviewed as well. Finally, the paper describes the main characteristics and evolution of the facilitators in Spain, and the work of the Banco de España to improve transparency and knowledge of the Spanish regulatory sandbox through the organisation of meetings with the private sector. The Spanish sandbox shares many features with the sandboxes of other European countries but has some peculiarities that make it unique, and, as in other countries, improvements have been made to how it works in recent years.