The First Vice President and Minister of Economy, Trade and Business, Carlos Cuerpo, presented the main new features of the financial sandbox reform , the controlled testing environment for the fintech sector, at an event entitled "From Experience to Impulse." The initiative, included in a draft bill for the digitalization and modernization of the financial sector, will be submitted to Congress after its approval by the Council of Ministers. The event was attended by the regulatory bodies—the Bank of Spain, the CNMV (National Securities Market Commission), and the Directorate General of Insurance and Pension Funds—as well as several projects that have already been tested using this framework.
The sandbox, launched in 2021, has so far received 117 projects across ten cohorts , of which more than forty have been tested under real-world conditions. The reform aims to make it more agile, open, and efficient, adapting it to an increasingly digital and integrated financial system in Europe. According to Cuerpo, it is a tool that has proven its usefulness for both companies and regulators, enabling innovation with security and improving the regulatory framework.
Key changes in access and assessment
One of the most significant measures is the replacement of the six-month cohort system with a permanent open application window . From now on, companies can submit their projects at any time of year, without having to wait for a specific call for proposals. The Director General of the Treasury, Carla Díaz, explained that the evaluation process will begin immediately and will be personalized, tailored to the complexity of each initiative.
Furthermore, assessment times are reduced by approximately 30%, from the current 6,5 months to around 4,5 months from application to the start of testing. The required documentation is also simplified: requirements can be demonstrated through self-declarations in areas such as anti-money laundering and data protection, and financial guarantees will only be required when strictly necessary. The reform broadens the concept of innovation, which is no longer limited to novel technologies but also includes business models, processes, and applications of existing technologies. Additionally, thematic calls for proposals are being established to focus resources on specific regulatory challenges, such as artificial intelligence applied to the financial sector or asset tokenization.
ICO financing line
The second major pillar of the reform is direct support for businesses through the Official Credit Institute (ICO) . A specific financing line will be launched to facilitate access to the regulatory sandbox, especially designed for startups and individual entrepreneurs. The president of the ICO, Manuel Illueca, announced that the ICO Growth call for proposals will be modified on July 29th so that companies can apply for these funds, and that a dedicated application portal will be available on the agency's website during the next quarter.
The financing will have a minimum term of ten years, with a two-year grace period for investment projects, and a fixed rate of Euribor plus 1,75%. The ICO (Official Credit Institute) aims to avoid clients who already have bank financing or who have a high level of non-performing loans, in order to attract higher-quality companies. Furthermore, the Ministry of Economy will enhance the visibility of the regulatory sandbox by increasing the dissemination of project conclusion reports, in collaboration with the Spanish Association of Fintech and Insurtech (AEFI).
Innovative projects and the role of supervisors
During the event, several projects that have already passed through the regulatory sandbox and are successfully operating in the market were presented. These include Pensumo, an Ibercaja initiative that allows users to save for retirement through everyday purchases , and GPT Advisor, which uses artificial intelligence in financial advisory services. The president of the CNMV (Spanish National Securities Market Commission), Carlos San Basilio, emphasized that the sandbox has generated significant interest within the industry and has allowed regulators to learn and overcome initial concerns. “This initiative has allowed companies to test their products, but also has enabled regulators to learn along the way,” he stated.
Thanks to accumulated experience, it is now possible, for example, for securities to be represented and traded using blockchain technology , or for new retirement savings models linked to consumption to have emerged, which previously did not fit within the regulatory framework. Cuerpo emphasized that the goal is to build a more agile, open, efficient, and competitive regulatory sandbox, prepared to respond to the challenges of an increasingly digital and integrated financial system in Europe. The reform, which is expected to be approved by the Council of Ministers and then sent to Congress, represents a step forward in consolidating Spain's position as a leader in regulated financial innovation.
With these changes, the financial sandbox is adapting to the needs of a rapidly expanding fintech ecosystem, offering a safe environment for testing ideas without the bureaucratic burden that previously posed an obstacle. The combination of a permanent service window, shorter deadlines, less paperwork, and a specific ICO financing line aims to attract more young companies and solidify the role of regulators as allies of innovation.