Regulator encourages innovation with successful "Soundbox Sprint"

22 June 2018

Representatives of 35 Guernsey business, ranging from banks and financial institutions to accountants, lawyers and technology companies, took part in the Guernsey Financial Services Commission's first "Soundbox Sprint" today. 

The event primarily sought to create fintech solutions to resolve issues around anti-money laundering and client due diligence, administration in financial services and financial exclusion. A dozen teams took part and had to pitch their proposals to a panel of judges. 

The Commission was seeking to encourage greater collaboration but also to promote its Innovation SoundBox, its hub for enquiries on innovative financial products and services. The SoundBox has seen some 30 enquiries over the past two years, including an approach from Northern Trust before it developed its pioneering use of blockchain in private equity fund administration. 

Gillian Browning, Director of Supervisory Oversight and the Fiduciary Division at the GFSC, said the day had exceeded her expectations. 

"The conversations we have seen today and the team collaborations have been a real example of Guernsey at its best," she said. 

"We call it the SoundBox because we are listening, open and receptive to new ideas." 

Winners included teams from PwC, Midshore Consulting, Barclays, C5 Alliance, The ID Register and former Commission Director-General Peter Neville, who was the overall winner with a community savings concept.

 

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