FinCrime Dynamics (formerly EalaX) has contributed to the FCA Data Sprint in July 2020. Dr Edgar Lopez-Rojas was the leader of the Banking Team 2 and coordinated all other banking teams to develop a synthetic data asset for banking transactions. Our expertise in the area of synthetic data contributed to a data set that contains more than 400 million records of 7 million synthetic entities modeled after the UK society.

This fantastic collaborative opportunity allowed us to work with many participants and partners that want to change the world with the power of data. We have developed high-quality synthetic financial datasets to be used by participants in the upcoming digital sandbox pilot. 

The FCA [1] commented on the outcome with high remarks. “Our 3-week DataSprint in July and August 2020 brought together 120 participants from across regulated firms, start-ups, academia, professional services, data scientists and subject matter experts. They collaborated on developing high-quality synthetic financial datasets to be used by participants in our forthcoming digital sandbox pilot.”  

The upcoming digital sandbox will enable innovative firms to test and develop proofs of concept in a digital testing environment around 3 use cases related to coronavirus (Covid-19) one of these being the detection and prevention of fraud and scams.

Sources:
[1] FCA Data Sprint