Launched as part of Project Innovate, the sandbox allows businesses to safely test products, services or business models in a live environment.

The news comes less than a week after Bridging & Commercial revealed that so far Project Innovate had cost the FCA £1.8m.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “The FCA’s regulatory sandbox was a first for regulators worldwide and underlines our deep commitment to innovation and our willingness to think outside the usual regulatory parameters.

“It has been an intense process for both firms and ourselves and we are grateful for their co-operation and hard work in getting us all to this position.

“We look forward to these businesses bringing new products and services to market, while we ensure that appropriate consumer protection safeguards are in place.”

As part of the sandbox, HSBC will be testing an app that helps customers to better manage their finances, while Lloyds Banking Group will test an approach that aims to improve the banking experience for branch customers.

Citizens Advice was also accepted and will be testing a semi-automated advice tool for debt advisers to compare possible debt solutions.

Internet-based Nextday Property Limited will test an interest-free loan for a guaranteed amount to customers who are unable to sell their property within 90 days.

Other innovations being tested include a smart card enabled payment system, various blockchain solutions and software that streamlines the initial public offering distribution process.

Of the 69 firms that applied, just 24 were deemed to meet the sandbox eligibility criteria.

Six of these were not yet ready for testing and will be included in the next cohort.

Applications for the second cohort will be open on 21st November 2016 and close on 19th January 2017.

Full list of successful applicants

Billon
A secure transfer mobile app which is based on distributed ledger technology.

BitX
An international money transfer service which uses digital currencies and blockchain technology.

Blink Innovation Limited
An automatic claims insurance product which allows travellers to instantly book a new ticket via their mobile in the event of a flight cancellation.

Bud
An online platform and app for managing financial products.

Citizens Advice
A semi-automated advice tool which allows debt advisers and clients to compare debt solutions.

Epiphyte
An international payments provider which uses blockchain technology.

Govcoin Limited
A technology provider that has partnered with the Department for Work and Pensions (DWP) to explore emergency payments using means other than cash or the Faster Payments Scheme. 

HSBC
An app to help customers better manage their finances.

Issufy
A software platform that streamlines the Initial Public Offering distribution process for investors, issuing companies and their advisors.

Lloyds Banking Group
A means of improving the experience for branch customers.

Nextday Property Limited
An internet-based property company that will provide an interest free loan for a guaranteed amount to customers if they are unable to sell their property within 90 days.

Nivaura
An automated blockchain-based platform which enables issuance and lifecycle management of private placement securities.

Otonomos
A platform that uses blockchain to represent private companies’ shares electronically.

Oval
A savings app to help users put aside small amounts of money and pay off existing loans early.

SETL
A smart-card enabled retail payment system based on distributed ledger technology.

Tradle
A distributed ledger-based identity verification service.

Tramonex
A distributed ledger platform which facilitates the transfer of donations to charity.

Swave
A micro savings app calculates an affordable savings amount based on the user’s spending behaviour.