Malin Head, 9 Jan, 2025
The Central Bank of Ireland, today, announced the selected seven organisations that will participate in its first Innovation Sandbox Programme, to inform the early stage development of selected innovative initiatives that promote better outcomes for consumers and the financial system.
The theme of the Innovation Sandbox Programme is: Combatting Financial Crime – Through the use of innovative technology, foster and develop innovative solutions that minimise fraud, enhance KYC/AML/CFT frameworks, and improve day-to-day transaction security for consumers.
The programme encourages collaboration across the ecosystem to support the fight against financial crime and aims to facilitate the development of new ventures and new business models that solve challenges for the theme. The Central Bank received 38 applications from across the innovation ecosystem, reflecting a strong appetite for innovation.
Forward Emphasis joins the Innovation Sandbox with strategic partner, Pasabi, and will develop and test a Motor Insurance Application Fraud Analytics solution, leveraging AI-driven behavioural analytics, machine learning, and pattern recognition to detect fraud in the pre-sales process.
Forward Emphasis’ CEO, Paula Kennedy Garcia, said: “It is such a privilege to join the high calibre of like-minded companies in the Innovation Sandbox, who share our focus on regulation and compliance. Our strategic partnership with Pasabi is a tour de force in regulatory solutions, as compliance rigour and risk increase concurrently, and we look forward to the progressive development of our insurance application solution in this supportive environment”.
Participants are representative of a diverse spectrum of innovators from Ireland, across Europe and the UK and feature start-ups, scaling firms, partnerships and established financial services firms.
For more information about the Innovation Sandbox Programme, visit: Innovation Sandbox Programme | Central Bank of Ireland