Florida Chief Financial Officer (CFO) Jimmy Patronis, who worked with DeSantis to craft the policy, applauded the bill’s signing. Per information from Patronis’ office, the sandbox will strike a balance between ensuring stability and consumer protection and creating opportunities for flexibility and innovation. Patronis expressed gratitude to DeSantis as well as the bill’s sponsors in the state legislature—Rep. Jamie Grant and Sen. Travis Hutson.
“As someone who’s run a small business, I know just how beneficial it is to our communities to attract high paying, technology-focused jobs. FinTech’s opportunities for Florida are limitless and the more we can do to create a regulatory environment that allows businesses to innovate and test new technologies, the more effective we’ll be at attracting technology jobs and investment to Florida communities,” Patronis said in a statement.
Grant also praised his partners in getting the legislation over the finish line, and noted the potential for the Florida Digital Service, newly created in the legislation, to usher in improvements to both the public and private sectors. “Revolutionizing the way we protect and use state data is critical to our future and a reality only because of the unselfish teamwork that made this bill a reality. I cannot wait to see the Florida Digital Service transform the way government delivers services and the FinTech environment flourish here in Florida,” he said.
Hutson, with his remarks, emphasized the importance of ensuring “Florida remains a top destination for companies seeking opportunities to grow,” according to information from the CFO’s office.
FROM TWITTER
Suriya Subramanian @SuriyaSubraman
"Fintech Galaxy launches open innovation platform FinX22, fostering financial inclusion and ...: Offers an open API sandbox, an AI-powered global fintech marketplace and an innovation crowdsourcing platform. Connecting the region's financial ... http://dlvr.it/Rb694Z #fintech"
On the other side of the world, Israel took initial steps toward creating its own regulatory sandbox, although that plan is still in its formative stages. According to Crowdfund Insider, the nation’s Arrangements Law could include language establishing a sandbox to accommodate Israel’s “fast-growing” fintech space.
According to the article, five companies were recently selected by The Israel Securities Authority (ISA) and the Israel Innovation Authority to participate in a Data Sandbox pilot program in order to “enhance the nation’s capital markets.”
“The initiative is part of a strategy led by the ISA. It’s focused on developing more competitive and accessible capital markets,” according to the article. “The Securities Authority believes it’s very important to work cooperatively with regulated entities by meeting the real-world requirements of the Fintech (and larger tech) industry.”
Last year, fintech firms in Israel took in $1.8 billion in investments on the backs of Sequoia and OurCrowd, per information from Crowdfund Insider.
