British digital identity firm Yoti has been included in a British Financial Conduct Authority sandbox for solutions testing.Yoti is a technology provider that lets users create an encrypted, biometric digital identity linked to their government issued ID. Yoti lets users of the app actively consent to share their verified identity details with financial institutions for use in KYC verification.The sandbox allows firms to test innovative products, services or business models in a live market environment, while ensuring that appropriate protections are in place. It is part of Innovate, an initiative kicked off in 2014 to promote competition in the interest of consumers. The sandbox was a first for regulators worldwide, underlining the FCA's commitment to innovation in financial services.The FCA received 61 submissions for the third phase of the regulatory sandbox. 18 applications met the sandbox eligibility criteria and were accepted to develop towards testing.Christopher Woolard, executive director of strategy and competition at the FCA, said:'Since we first opened the sandbox, it has supported almost 70 firms in testing innovative new products and services. It is particularly encouraging that we are now seeing more applicants from outside London and a broader range of firms testing in the sandbox. As we open the application window for our next sandbox cohort, we continue to encourage applications from firms of all sizes and from a wide range of sectors, including sectors we haven't seen heavily represented in the sandbox to date.'
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