New participant in the FCMC’s Innovation Sandbox

03.11.2020
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SIA XHEERO is the first financial technology company approved in the Innovation Sandbox of the Financial and Capital Market Commission (FCMC) to test RegTech (regulatory technology) solutions developed by the company in the area of anti-money laundering and combating terrorism and proliferation financing. The company has also drafted a plan for testing the technical solution and agreed it with the FCMC.

RegTech is the innovative technology that may be used by financial market participants to more effectively meet the regulatory and compliance requirements.

SIA XHEERO is the technology company established in 2019 in Latvia, which offers information technology systems solutions to the participants of the financial sector with a view to promoting the digitisation and automation of business processes by reducing manual work and optimizing costs.

The FCMC’s Innovation Sandbox provides for companies a process in which they may test innovative financial technology products, financial services or business models under a specific testing plan agreed with the FCMC.

The Innovation Sandbox is open for innovative solutions that would contribute positively to the sound functioning and development of the financial market, as well as improve and expand, in a safe manner, the opportunities for consumers and investors to use financial services.

The FCMC’s Innovation Sandbox provides the possibility to test, at national level, a new or substantially improved financial service, which should be aimed at creating a contribution to the service users or meeting the regulatory requirements more effectively by financial market participants.

Until now, financial innovation companies have actively used a second FCMC’s FinTech support programme or advice in the FinTech field provided by the FCMC’s Innovation Hub. In 2019, the FCMC employees provided individual expert advice approximately on 80 occasions but this year the figure reached several dozens. Most frequently asked questions were about the new services of the Second Payment Services Directive (PSD2): an account information service that enables customers to see aggregate information on the content of their payment accounts held with different banks and payment institutions, as well as about payment initiation service and crowdfunding financing models for companies.

Further information:
Communications and Financial Literacy Division
Financial and Capital Market Commission
Phone: +3671 67774808
E-mail: dace.jansone@fktk.lv

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