Scope of application and eligible participants (Article 5 of the Ministerial Decree)
The regulatory sandbox takes a cross-sectoral approach, with the objective of fostering innovation in the banking, financial and insurance sectors. It is open to FinTech operators, supervised entities and unauthorized firms that require authorization to take part in the test; both Italian and foreign companies may access the sandbox.
The supervisory authorities work in close cooperation, liaising with the FinTech Committee (Article 2 of the Ministerial Decree).
Application to access the sandbox testing environment can be made for activities using innovative technology affecting the banking, financial or insurance sector and which, alternatively:
- are subject to prior authorization or registration by one of the supervisory authorities (or fall within the cases of exclusion or exemption provided for by the applicable laws);
- are carried out in favour of entities that are supervised or regulated by at least one supervisory authority (also operating in Italy pursuant to the freedom to provide services or the right of establishment through a branch);
- are carried out by entities, which are supervised or regulated by at least one of the supervisory authorities or by a foreign entity operating in Italy pursuant to the freedom to provide services or the right of establishment through a branch.
Criteria for admission (Article 6 of the Ministerial Decree)
In order to be admitted to the sandbox, projects must meet all our eligibility criteria:
- the project is significantly innovative;
- for the purpose of the test, it requires either a waiver from the application of some rules and regulations issued by the supervisory authorities or, due to its genuinely innovative content, it must be examined alongside one or more supervisory authority;
- the innovation gives added value and offers benefits to end users, improves the efficiency of the financial system, etc.;
- it is in a sufficiently advanced stage for testing;
- it is sustainable from an economic and financial standpoint or has adequate financial coverage.
For further clarifications before submitting applications, operators can initiate informal discussions with the Bank of Italy by filling in and submitting the form to the dedicated mailbox info.sandbox@bancaditalia.it.
For further information, please see the dedicated page 'Criteria for admission'.
Applications for admission
The application window for the second sandbox cohort will be open from 3 November to 5 December 2023.
There are no limits on the maximum number of applications or on the thematic areas of the projects to be submitted for admission in this period.
Operators admitted to the regulatory sandbox will be included in a special register held at the Technical Secretariat of the Fintech Committee and available on the Committee's website. The competent supervisory authority will publish the list of entities admitted to its testing environment (Article 15 of Ministerial Decree 100/2021).
The testing period will last up to 18 months, subject to any extensions set forth by the Ministerial Decree (Article 17).
How to participate
The request for admission is free of charge and open only to operators who meet all the eligibility criteria as defined in the Ministerial Decree. To participate, applicants must read the Privacy Policy and send the following documentation:
- Application form (download)
- Self-certification attesting company representatives' eligibility under the Ministerial Decree No. 169/2020 (download)
- Self-certification attesting balance sheets approval (download)
All documentation, filled out and digitally signed by the legal representative of the company, must be sent to the certified electronic mailbox (PEC) sandbox.italia@pec.bancaditalia.it.
For further information, see the Ministerial Decree and for further clarifications write to the dedicated mailbox info.sandbox@bancaditalia.it.
