Where it says about the project
Fintech Sandbox…

During the first half of this year, an institute should be established in the Czech Republic to support innovative companies. The range of support is to take a variety of forms, from consultancy to technical testing of innovative products. The digital regulatory sandbox will be launched by CzechInvest in cooperation with universities and fintech associations.

The project has already received the green light from the government, which approved the creation of the Digital Regulatory Sandbox on the proposal of the Ministry of Industry and Trade. The project aims to support fast-growing companies in the field of financial innovation and decentralised technologies.

A Digital Regulatory Sandbox will be created, which is a continuation of the Technology Incubation project, through which the CzechInvest agency supports a number of innovative areas. The specific setup and launch of the sandbox is the content of the first phase of the project. It will therefore be the content of the application submitted by the CzechInvest agency together with its partners.

The government, on the proposal of the Ministry of Industry and Trade (MIT), has approved the creation of a Digital Regulatory Sandbox to support fast-growing companies such as startups and spin-offs in the area of financial innovation and decentralised technologies. Sandbox will provide selected participants with various forms of support ranging from comprehensive and independent advice, through legal consultation in newly regulated areas not only in the financial market, to technical testing of innovative products. The CzechInvest Agency will launch the sandbox in cooperation with universities and fintech associations by the end of the first half of this year.

Startups, fintechs or spin-offs could have a slightly easier life in the Czech Republic. The government has approved the so-called Digital Regulatory Sandbox, which will be used to check whether technologies developed by companies will meet regulatory requirements.

According to the Minister of Industry and Trade Jozef Sikely, the sandbox should increase the competitiveness of Czech companies and support the fintech community, including decentralised technologies such as blockchain.

There are not many companies in the Czech Republic that are trying to bring new ideas based on technology to the world of finance. This is partly due to strict regulations that often stop startups before they even try to enter the market. New energy could be brought to this business sphere by the so-called sandbox, where new companies test whether their model is feasible in the regulatory jungle under the supervision of the authorities. State institutions under the auspices of CzechInvest and private organisations will cooperate in the project. It should be launched in six months.