Online event to launch the Regulatory Sandbox of the Bank of Greece
02/06/2021 - Press Releases
- Today, the Bank of Greece held an online event to launch its Regulatory Sandbox.
- The project was implemented in collaboration with the European Bank for Reconstruction and Development (EBRD) and was funded by the European Union (via the DG REFORM of the European Commission). Consultancy services were provided by EY in Greece.
- The Regulatory Sandbox is expected to foster financial technology (FinTech) in Greece, by providing a protected environment, in which firms can test innovative solutions as to their conformity with the applicable regulatory requirements, without risk to financial stability.
Today, the Bank of Greece held an online event to launch its Regulatory Sandbox.
The Bank of Greece established the Regulatory Sandbox with a view to fostering financial technology (FinTech) in Greece by providing a protected environment, in which firms can test innovative solutions as to their conformity with the applicable regulatory requirements, without risk to financial stability, before their potential scale-up. Such testing is conducted in a controlled environment based on predefined parameters and time frames, under the close supervision of the Bank of Greece.
The project was implemented in collaboration with the European Bank for Reconstruction and Development (EBRD) and was funded by the European Union (via the DG REFORM of the European Commission). Consultancy services were provided by EY in Greece.
On this occasion, Bank of Greece Governor Yannis Stournaras stressed that the Regulatory Sandbox will serve as “a further driver of FinTech and innovation in Greece, in addition to the Innovation Hub” and that “the Bank of Greece attaches great importance to Innovation, all the more so as it expects that the end of the pandemic will shape a new social and economic reality, primarily digital, in which knowledge, scientific research, technology and innovation will be the main drivers of prosperity”.
In turn, Ms Andreea Moraru, EBRD Director, Regional Head of Greece & Cyprus, stated: “We are proud to support the launch of the Greek regulatory sandbox today and to have partnered with the Bank of Greece and the European Union to promote financial innovation in the country. Building on the great work the Bank of Greece has already done through its Innovation Hub, this new framework places Greece among the pioneer countries in the European Union that have ventured into regulatory sandboxes in order to foster innovation in financial services. For the EBRD, accelerating digital transition is among our top priorities, and we see the Greek sandbox as an important step forward for the benefit of consumers, society and the Greek economy overall”.
The event was also addressed by Mr Mario Nava, Director General, DG REFORM, European Commission.
Presentations of the Regulatory Sandbox of the Bank of Greece were made by: Ms Stavroula Kampouridou, CEO of DIAS SA Interbanking Systems and FinTech Advisor to the Bank of Greece; Mr Alexandros Kaliontzoglou, Macroprudential Policy Section, Financial Stability Department, Bank of Greece; and Ms Valia Babis Advisor, Banking Supervision Department, Bank of Greece.
A panel discussion followed, focusing on “Κey Learnings and Insights on Regulatory Sandboxes as Innovation Facilitators”, with the participation of Ms Jekaterina Govina, Executive Director, Supervision Service, Lietuvos bankas (Bank of Lithuania); Mr Jan Ceyssens, Head of the Digital Finance Unit in the Directorate General for Financial Stability, Financial Services and Capital Markets Union at the European Commission; Mr Tim Shakesby, Head of Conduct Oversight (EIOPA), Chair of European Forum of Innovation Facilitators and moderated by Mr Alex Pirovarsky, Director, Capital Markets Development, EBRD.
The event was moderated by Ms Lila Skoufakis, Senior Manager, Consulting Services, EY in Greece.
Speech by Governor Yannis Stournaras at the launch event
Video highlights from the event (YouTube, MOV)
Video – Presentation of the Regulatory Sandbox (YouTube, MP4)
Video – Presentation of eligibility criteria (YouTube, MP4)
Photos from the event (1, 2, 3, 4, 5)
Regulatory Sandbox visual identity
Find out more on the Regulatory Sandbox microsite