FinCrime Dynamics and Synthetic data feature in FCA / City of London Digital Sandbox Pilot
FinCrime Dynamics (Formerly EalaX) has not only actively contributed to the build of the Digital Sandbox Pilot (FCA and City of London) during the #FCADataSprint in July 2020 but also participated in the selected group of this innovative project.
After successfully collaborating and developing the digital sandbox together with the FCA, FinCrime Dynamics was among those granted access to the sandbox.The FCA data sprint had over 120 participants attending, from smaller firms, start ups, academia and many of whom have expertise in data science. All of these diverse participants got the opportunity to work together in order to create high-quality synthetic datasets. Our CTO, Dr. Edgar Lopez-Rojas led the banking teams to the generation of financial synthetic data.
Ealax - Digital Sandbox Pilot Demo day 2
We were chosen among 94 organisations that applied for the digital sandbox pilot. Only 28 were selected to take part in an 11-week pilot which ended February 2021. From those 28, only 12 were testing innovation in the area of financial crime and only us were innovating in the area of synthetic data generation for financial crime.
The FCA stated, “We are grateful to everyone who volunteered their time and expertise to work towards the public good. Access to synthetic data was identified as the most important feature by far, by most participants (92% ranked data).”
The access to the digital sandbox was used for further development and testing of our solutions in the area of fraud detection and anti money laundering.
Furthermore, FinCrime Dynamics (formerly EalaX) was featured in the Financial Crime Digest of May 2021 by Aperio Intelligence. We used the digital Sandbox as a platform to develop the technology produced during the two projects funded by Innovate UK. Following the sandbox FinCrime Dynamics is now preparing to take its Synthetizor® data solution to market.
With this we look forward to refining and proving our solutions within the financial world and to provide new and reliable techniques and input to make the financial system safer for everyone.
Additional Resources:
Supporting innovation in f inancial services: the digital sandbox pilot report
Digital sandbox pilot: FCA DataSprint