As ItaliaFintech, we are delighted with the parliamentary initiative that presented the amendment to article 36.3 of the Growth Decree, with the purpose of introducing a Sandbox, and we hope that this will be the start of a path towards even closer collaboration between operators in the market and the regulator to the benefit of Italian families and businesses.
The setting up of an Italian Sandbox will act as a catalyst for innovation and a permanent channel dedicated to dialogue between the supervisory authorities, the government and innovative companies; there have already been many interactions between the authority and innovation. However, the establishment of a Sandbox programme will have the effect of guaranteeing, coordinating and monitoring the initiatives, sharing parameters for identifying innovation and defining priorities, and fostering the creation of a regulatory framework to incentivize the development of the Italian Fintech ecosystem.
The companies we have contacted who have been able to participate in Sandbox programmes have reported that they have benefited from the existence of an operational trial period during which, under the guidance of and in dialogue with the competent authorities, they can assess the impact of their services. The final phase of the Sandbox programme is also fundamental: the final compliance report allows a more mindful assumption of risks and of the compliance structure – where authorized – which is a necessary aspect for a company in order to continue their activities and the actual supply of services on the market.