CMS Spain advises on first project submitted to Spanish sandbox

CMS Spain’s Insurance, Reinsurance and Innovation Team has advised Bankia, one of Spain’s leading banks, on the first project submitted to the recently created FinTech regulatory sandbox in Spain.

The creation of Spain’s sandbox was approved in November last year and is an important first step in the regulation of projects using technologies in the financial industry (FinTech). The presentation of the projects will take place between 13 January - 23 February.

Bankia’s project, a digital payment platform using blockchain technology, was developed with FinTech company Finweg. It is based on an innovative tokenisation model for transactions that recognises the same value as for cheques and promissory notes.

The team, led by Jaime Bofill, is currently working on 15 FinTech projects for clients such as the financial services company Nationale Nederlanden and insurance startup Asistensi. All projects need to be presented by the 23 February deadline.