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Digital sandbox developer NayaOne secured the Digital Sandbox tender from the U.Okay. Monetary Conduct Authority (FCA).
Prior to now yr, NayaOne has constructed digital sandboxes and marketplaces for Lloyds Banking Group and FinTech North.
NayaOne gained Better of Present in its Finovate debut at FinovateEurope in March.
FinovateEurope Better of Present winner NayaOne has scored once more this yr. The London, U.Okay.-based fintech has secured the Digital Sandbox tender from the nation’s Monetary Conduct Authority (FCA). The Digital Sandbox will give startups a secure and safe setting to construct, take a look at, and develop their fintech options. All with the complete assist of the FCA.
“We’re thrilled to have been chosen for this prestigious alternative to collaborate with the FCA on driving innovation in monetary companies,” NayaOne CEO Karan Jain mentioned. “We imagine that our digital transformation platform and artificial knowledge know-how will likely be a worthwhile asset in serving to fintech firms to develop and take a look at their merchandise extra effectively and successfully.”
The FCA’s choice comes within the wake of a pair of pilot initiatives, in 2020 and once more in 2022. The initiatives gave startups entry to artificial and publicly out there knowledge so as to take a look at and develop their options. The FCA introduced that it will make the digital sandbox everlasting in the summertime of 2023. NayaOne has constructed a enterprise of making digital sandboxes for monetary establishments, reminiscent of Lloyds Banking Group and FinTech North. And it’s this expertise – in line with FCA Chief Knowledge, Info, and Intelligence Officer Jessica Rusu – that makes the corporate well-positioned to assist the FCA fulfill its aim of “selling options to complicated regulatory challenges like APP fraud, greenwashing, and rip-off detection.”
NayaOne demoed its Digital Sandbox in its Finovate debut at FinovateEurope. The corporate’s platform helps make innovation, integration, and partnership a better – and sooner – course of for banks. NayaOne affords single key entry to greater than 200 know-how distributors; a safe, digital sandbox setting; and a pair of.5 billion knowledge factors to assist tech analysis. The corporate studies that it has enabled banks to speed up their proof-of-concept timeline from 12 months to solely two months. This protects banks as much as 80% in prices and considerably will increase productiveness.
NayaOne’s Digital Sandbox announcement comes as the corporate studies that Bambu is now out there through the NayaOne Market. Bambu is a Singapore-based B2B roboadvisor and fellow Finovate alum. A 3-time Better of Present winner, the corporate most just lately demoed at FinovateFall in 2021. “We acknowledge NayaOne’s dedication to allow banks and monetary establishments to benefit from revolutionary improvements in monetary know-how by bringing banks and fintechs collectively for innovation,” Bambu founder and CEO Ned Phillips mentioned. “As a wealth know-how supplier, we at Bambu wish to convey our award-winning monetary options to the forefront, and we stay up for doing so on the NayaOne Digital Transformation Platform.”
NayaOne was based in 2019. Karan Jain joined the corporate as CEO in 2021.
Picture by Jorge Sepúlveda
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