United Kingdom, experimentation
The FCA regulatory sandbox
The United Kingdom's financial regulator built the first regulatory sandbox in 2016, and by the end of 2022 had accepted 168 firms and products to test with real customers under supervision.
168 firms, firms and products accepted for testing since launch, 2022. Financial Conduct Authority, Innovation Hub market insights, retrieved 2026-08-27.
The move, and what it needed
The regulator wrote a bounded testing regime: a firm without full authorisation can trial a product on real customers for a fixed period, with disclosure requirements and an exit plan, while the regulator watches from inside.
Preconditions
- A single conduct regulator with statutory room to waive its own rules
- A fintech sector dense enough to fill cohorts
- Political cover for a regulator explicitly helping firms it will later police
Where else it has been used: The sandbox is Britain's most copied regulatory export, and several dozen jurisdictions now run one. Most copies keep the name and drop the supervisory intensity that makes it work.
Limits: The count is the regulator reporting on its own programme, and acceptance is not success: the FCA does not publish how many tests led to authorisation, funding or a product that survived. One hundred and sixty-eight firms over seven years is small next to the sector, so the number evidences that the mechanism runs, not that it moves the industry.
This record describes what United Kingdom delivered. It is linked to Firms through regulatory sandboxes because no comparable dataset measures that capability. It does not affect the score or confidence.
More from United Kingdom
11 other deliveries from this country.
Sure Start children's centres, and their erosion
England built a national network of early-childhood centres reaching 3,632 sites by August 2009, then closed or hollowed out a large part of it after funding was cut, with the official count at 3,123 by October 2017 and independent estimates near 1,000 closures.
Legally binding carbon budgets
The United Kingdom's 2008 Climate Change Act made five-year emissions budgets a standing legal cycle set twelve years ahead, and by July 2026 seven budgets covered 2008 through 2042 while the first three had been met.
Knowledge Transfer Partnerships
UKRI reported more than 1,000 Knowledge Transfer Partnerships running at one time and more than 1,100 Associate projects in May 2026, joining businesses with universities or other research organisations through jointly supervised innovation work.
British Patient Capital, a public venture-capital catalyst
The British Business Bank reported that government-owned British Patient Capital had committed £2.287 billion through 80 fund commitments, 10 co-investments and 18 Future Fund deals by 31 March 2024, with an underlying portfolio of 1,350 companies.
ICURe, from university research to spinouts
UK Research and Innovation's ICURe impact report says spinout companies from the programme secured £326 million in investment funding and created more than 1,400 jobs from 2014 onward, after research teams were trained and funded to test markets before deciding whether to spin out.
High Speed Two, and the cancellation of Phase 2
The Department for Transport and HS2 Ltd began building High Speed Two in 2020. The government cancelled everything beyond Birmingham in 2023. By May 2026 the London to Birmingham railway alone was estimated at £87.7 billion to £102.7 billion, more than double the 2020 Phase 1 estimate, with services from Old Oak Common expected between 2036 and 2039 against a 2012 plan to complete the full network by 2033.
The Department for Transport and Transport for London built Crossrail through Crossrail Ltd from 2009. The NAO put its forecast cost at 28% above the 2010 budget of £14.8 billion and its opening at up to three and a half years past the original December 2018 date. The central section opened in 2022 and carried 257.4 million journeys between April 2025 and March 2026.
COVID-19 Vaccine Taskforce and national vaccination rollout
The UK government set up the Vaccine Taskforce in April 2020, became the first country to authorise a COVID-19 vaccine and begin vaccination in December 2020, and by the end of October 2021 the NHS in England had given two doses to 85% of adults.
Government-funded adult further education in England, and its erosion
Participation of adults aged 19 and over in government-funded further education and skills in England fell from a recent peak of nearly 3.3 million learners in 2012/13 to 1.6 million in 2020/21, and stood at 1,798,970 in 2024/25, according to the Department for Education.
Coronavirus Job Retention Scheme
The UK's Coronavirus Job Retention Scheme, which started in March 2020, had 8.9 million jobs on furlough at its peak on 8 May 2020 and supported 11.7 million jobs from 1.3 million employers before it closed on 30 September 2021.
Private Finance Initiative and PF2, and their abolition
HM Treasury's Private Finance Initiative signed on average 55 contracts a year between 1997 and 2010 and left 704 current PFI and PF2 projects with a capital value of £57 billion at 31 March 2018, after signings fell to an average of nine a year after May 2010 and the Chancellor announced at Budget 2018 that the government would no longer use PF2 for new projects.
The same indicator elsewhere
44 deliveries linked to Firms through regulatory sandboxes in other countries.
Korean regulatory-sandbox system across eight sectors
South Korea expanded its regulatory-sandbox system from ICT and industrial-convergence fields in January 2019 to eight sectoral regimes by 2024, adding finance, regulatory-free zones, smart cities, R&D zones, mobility and circular economy testing.
MAS FinTech Regulatory Sandbox variants
Singapore's Monetary Authority operates three FinTech Regulatory Sandbox variants—Sandbox, Sandbox Express and Sandbox Plus—giving firms distinct routes to test regulated products with real customers under defined safeguards.
Rede Nacional de Test Beds for company experimentation
ANI's National Innovation Report records 47 recognised Portuguese test beds and €150 million allocated to the national network for developing and testing new products and services at technology-readiness levels 5 to 9.
Zonas Livres Tecnológicas, regulator-supervised experimentation zones
ANI's National Innovation Report records four Portuguese Zonas Livres Tecnológicas (technological free zones) by the end of 2024, where innovators can test technology-based processes in real or near-real environments under continuous regulator supervision.
Banco Central regulatory sandbox, first cycle
Brazil's central bank opened its regulatory sandbox to applications in February 2021, received 52 projects, admitted seven to test under relaxed rules from 6 December 2021, and ran the cycle for one year with one permitted extension.
Reserve Bank of India regulatory sandbox
The Reserve Bank of India ran four themed sandbox cohorts between 2020 and 2024, retail payments, cross-border payments, MSME lending and fraud prevention, admitting 28 entities to test and finding 13 products viable in the three cohorts whose exits it published, and keeps the cohorts open on tap.
Capital Markets Authority regulatory sandbox
Kenya's Capital Markets Authority opened a regulatory sandbox under a 2019 policy guidance note and by January 2024 had let 11 firms exit it after live testing, with new admissions continuing into January 2025.
SEC Nigeria Regulatory Incubation Program
Nigeria's Securities and Exchange Commission opened a one-year Regulatory Incubation sandbox in September 2023 and had admitted seven firms across cohorts 001/23 and 002/24 to test capital-market products, then cleared seven more entities into its Accelerated Regulatory Incubation Programme in July 2026.
ADGM RegLab, the first fintech sandbox in the region
The Financial Services Regulatory Authority of Abu Dhabi Global Market opened its RegLab fintech sandbox to applications on 2 November 2016 and by August 2019 had admitted 32 firms from 83 applications from 20 countries, of which two had graduated to the live market.
OJK regulatory sandbox for financial-sector technological innovation
Indonesia's Financial Services Authority (OJK), running a regulatory sandbox since 2018 and under POJK 3/2024 since February 2024, had received 26 applications and approved 9 sandbox participants by December 2025, four of which had completed testing and been declared passed.
Bank Negara Malaysia Fintech Regulatory Sandbox
Bank Negara Malaysia has operated a fintech regulatory sandbox since October 2016 and added an accelerated Green Lane for financial institutions in February 2024; as of June 2026 it reported 139 Standard and Green Lane applications submitted to date and five solutions in live testing.
Bank of Thailand regulatory sandbox
The Bank of Thailand, which opened a fintech regulatory sandbox in late 2016, listed 10 sandbox project tracks as of April 2026, whose participant counts sum to 90, from QR payment (14) and biometrics (19) to letters of guarantee (18), the National Digital ID (12) and programmable payment.
Sandbox financiero (Ley 7/2020), and the fall in applications
Spain's Treasury ran a national financial regulatory sandbox under Law 7/2020 from 2021. Its first cohort drew 66 applications, 12 of which entered testing. By 2025 demand had fallen to two applications across the ninth and tenth cohorts, one of which received a favourable assessment, and the Government approved a draft law (Anteproyecto, 17 December 2024) that replaces closed cohorts with year-round intake and cuts pre-assessment to 45 working days.
South Africa's Intergovernmental Fintech Working Group, a joint body of the financial regulators, opened a cross-regulator sandbox in April 2020 that took 54 unique applications and admitted nine sandbox tests from eight firms in its first cohort, then moved to a rolling intake.
Project-based regulatory sandbox (new technology demonstration scheme)
Japan's cross-government regulatory sandbox, created in 2018 under the Productivity Improvement Act and made permanent in 2021 under the Industrial Competitiveness Enhancement Act, had approved 33 demonstration plans involving 152 businesses by 19 March 2025, across mobility, IoT, fintech and healthcare.
CFPB Compliance Assistance Sandbox, rescinded in 2022 and withdrawn again in 2025
The Consumer Financial Protection Bureau opened a national Compliance Assistance Sandbox in September 2019, issued two sandbox approval orders in December 2020, terminated one of them in June 2022 and rescinded the policy with effect from 30 September 2022; a reissued version of January 2025 was withdrawn in May 2025.
CSA Regulatory Sandbox, succeeded by the Financial Innovation Hub
Canada's provincial securities regulators, acting jointly as the Canadian Securities Administrators, authorised 13 firms through the CSA Regulatory Sandbox between 2016 and 2021, before it was succeeded by the CSA Financial Innovation Hub and its decision list stopped being updated in December 2023.
ASIC enhanced regulatory sandbox
Australia's government introduced the enhanced regulatory sandbox on 1 September 2020, letting firms test financial services and credit activities for up to 24 months without a licence, and ASIC's register lists 23 users, four current and 19 past.
SINTEG-Verordnung, the energy-transition experimentation clause
Germany's federal government ran a time-limited regulatory experimentation clause for the SINTEG smart-energy showcases from June 2017 to June 2022, under which the Federal Network Agency received 49 notifications of experiments but only two claims for compensation of regulatory costs.
Experimenten Elektriciteitswet 2015-2018, and its erosion
The Dutch economy ministry let energy cooperatives and owners' associations deviate from the Electricity Act 1998 through 19 exemptions granted in four rounds between 2015 and 2018, then closed the scheme to new entrants; by 2024 only 10 of the experiments were operational.
Bac à sable réglementaire in the energy sector
Under the 2019 energy and climate law, France's energy regulator CRE and the energy directorate DGEC granted temporary derogations from network access rules to 30 projects, 25 by CRE and 5 by DGEC, of which six were running and reporting indicators in May 2025 and two had been generalised into regulation in 2024.
Italy's FinTech regulatory sandbox, and its contraction
Italy's FinTech sandbox, run by the Bank of Italy, Consob and IVASS under the MEF's FinTech Committee, admitted 16 projects from its first application window (November 2021 to January 2022) but only 3 from its second (November to December 2023), after applications fell by about 80.7 percent.
Bank of Ghana Regulatory Sandbox
The Bank of Ghana, which launched a regulatory and innovation sandbox pilot in 2021, admitted six firms into its Regulatory Sandbox for one year in January 2026 to test the exchange, custody, administration and issuance of virtual assets.
AFSA FinTech Lab at the Astana International Financial Centre
The Astana Financial Services Authority granted five FinTech Lab sandbox licences in 2022, saw the first participant graduate to a full licence that year, and had 18 licensed firms in its sandbox at the end of 2022.
Banque Centrale de Tunisie regulatory sandbox, first cohort
The Banque Centrale de Tunisie launched a regulatory sandbox in January 2020, admitted four fintech solutions to its first cohort in September 2020, ran tests with real customers and partner banks for 13 months, notified exit in September 2022, and drafted a circular on digital enrolment and remote bank account opening from the results (BCT Rapport annuel 2022).
Sandbox Regulatório do Banco de Moçambique
Banco de Moçambique admitted 11 participants, chosen from 19 applicants, to the sixth edition of its regulatory sandbox in March 2025, and at the same ceremony gave participation certificates to the five fintechs that had completed the fifth edition.
Regulatory Sandbox Licence of the Economic Development Board
Mauritius's Economic Development Board, operating a regulatory sandbox licence regime for innovative financial projects since September 2018 by the World Bank's dating, had nine firms in its sandbox when the World Bank compiled its global database of sandboxes in 2020.
Bank of Uganda regulatory sandbox
The Bank of Uganda reviewed five applications to its regulatory sandbox in the year to June 2025, issued deficiency letters to all of them, and reported one firm, Rexial Payment Systems Limited, exiting the sandbox after testing and applying for a payment systems operator licence.
Regulatory Sandbox Framework for Capital Markets, first cohort
Zambia's Securities and Exchange Commission admitted four innovations to the first cohort of its capital markets sandbox, with testing starting on 19 November 2021, and announced on 15 July 2024 that live testing had been completed and directed all four to suspend operations inside the sandbox pending evaluation and exit.
Securities and Exchange Commission of Zimbabwe regulatory sandbox
The Securities and Exchange Commission of Zimbabwe published a list of seven innovative financial technology solutions approved for testing in its regulatory sandbox in July 2026, among them asset, securities and infrastructure tokenisation platforms, a crowdfunding platform and a blockchain capital raising platform.
Austria's Financial Market Authority admitted eight FinTechs to its Regulatory Sandbox between its launch on 1 September 2020 and January 2023, five seeking authorisation as European crowdfunding service providers and three offering crypto-asset or securities services, and one participant had obtained a licence for a digital trading platform by the start of 2022.
Regulatorisk sandkasse for AI (Datatilsynet and Digitaliseringsstyrelsen)
Denmark's data protection authority and digitalisation agency selected two projects from 23 applications for the first round of their regulatory sandbox for AI in July 2024, two from 18 applications in June 2025 and three more in July 2026, seven projects in all.
Datatilsynet's regulatory sandbox for privacy-friendly innovation
Norway's data protection authority ran eight sandbox projects at the end of 2025, five of them jointly with the Financial Supervisory Authority on data sharing against financial crime, and completed two projects (Akershus University Hospital and Mobai's SALT biometric verification) during the year.
Bank of Lithuania regulatory sandbox, with one test in seven years
The Bank of Lithuania opened its regulatory sandbox to applications on 15 October 2018 and, by the page's last update on 27 June 2025, listed one innovation ever tested in it: UAB Workpower's peer-to-peer insurance platform, authorised on 13 June 2019 and tested from 24 October 2019 to 23 October 2020, which led the bank to draft proportionate rules for P2P insurance.
Narodna banka Slovenska regulatory sandbox
Slovakia's central bank opened its regulatory sandbox on 1 January 2022 and lists one former participant, Crowdberry Investment Platform, which entered on 22 November 2023, tested an electronic bulletin board for secondary trading of crowdfunded securities with selected clients from 15 December 2024 to 18 April 2025, and exited on 15 May 2025.
Ukraine's Ministry of Digital Transformation and the Ukrainian Startup Fund opened a sandbox for AI and blockchain products in 2025 and, in its first year, received more than 80 applications and admitted 15 companies to a first cohort that completed testing.
Bank of Russia regulatory sandbox (regulativnaya pesochnitsa)
The Bank of Russia decided in 2025 to create the legal conditions for introducing 4 digital financial services piloted in its regulatory sandbox, out of 10 pilot applications it considered that year in identification, artificial intelligence, insurance, distributed ledgers and other areas.
JoRegBox, the Central Bank of Jordan regulatory sandbox
The Central Bank of Jordan approved three companies on 31 October 2024, out of nine applications to the first cohort of its JoRegBox regulatory sandbox launched in February 2024, to begin testing digital financial products with real customers, among them the escrow platforms E-Damana and Watheq.
The National Bank of the Kyrgyz Republic approved six special regulatory regimes between October 2020 and August 2026, letting a microcredit company, three payment and e-money firms and two banks test operations outside its standing rules, judged testing successful and closed for four of them between April 2022 and February 2025, and ended one early with the licence revoked in March 2022.
SECP Regulatory Sandbox, four cohorts and an open window
Pakistan's Securities and Exchange Commission approved 31 business models for testing in its Regulatory Sandbox across four annual cohorts from 2020 to 2023, out of 125 fintech applicants, with intake rising from six selected in the first cohort to 11 in the fourth.
Bank of Jamaica FinTech Regulatory Sandbox
The Bank of Jamaica's FinTech Regulatory Sandbox, effective from March 2020, had received 50 applications and approved 29 of them for testing by the end of 2025, including four new applications from three entities in 2025.
Financial Regulatory Commission sandbox regulatory environment
Mongolia's Financial Regulatory Commission admitted three products and services to its sandbox for one year in the fourth quarter of 2022 and released one, the MonPay digital bond, on 30 December 2022 after a year of testing, leaving four under test.
NAMFISA Regulatory Sandbox, microlending cohort
Namibia's non-bank financial regulator NAMFISA launched its Regulatory Sandbox in May 2023, received 10 applications for its first, microlending cohort, and had admitted three participants (ReferredBy Financial Solutions, Ergo Analytics trading as Verime, and the microlender Express Credit) with a fourth application under review by its 2025 annual report.
Central Bank of Azerbaijan regulatory sandbox
The Central Bank of the Republic of Azerbaijan began testing its first regulatory sandbox participant in December 2024 and admitted three more whose testing began in 2026, out of 14 applicants.