The Financial Conduct Authority (FCA), one of the UK’s top finance regulators, yesterday provided an update on its regulatory sandbox and unveiled the list of firms that were successful in their applications to begin testing in the second cohort of its regulatory sandbox.
OKLink is accepted along with 24 other firms, of which nine are blockchain-related.
The regulatory sandbox allows businesses to test innovative products, services, business models and delivery mechanisms in a live environment while ensuring that consumers are appropriately protected. It is part of Innovate, an initiative kicked off in 2014 to promote competition in the interest of consumers.
Tim Byun, Chief Risk Officer and Head of Government Relations says, “We applaud the FCA’s vision and leadership in allowing companies to trial new emerging technologies by introducing a financial regulation test bed system. This is a major development for OKLink and it puts our company in a better position as a new player in the market. OKLink endeavors to provide U.K. consumers superior money remittance with speed, reliability and competitive costs through our innovative technology and services.”