What Innovators Should Know Before Submitting an Innovation Proposal to FSICs
FSIC-Admin
October 8, 2026
A strong submission starts with a clear problem, a defined solution and a well-understood engagement objective
F or innovators seeking to engage with the Financial System Innovation Centre (FSIC), preparation is an important part of the submission process. A well-structured proposal helps provide a clearer understanding of the innovation, the problem it addresses and the type of engagement being requested.
Before starting an innovation submission, applicants should first review the relevant FSIC pathway, FAQs and approved guidance.
This can help determine whether the proposed engagement relates to general innovation intake, regulatory clarification, an innovation challenge or another approved programme route.
The proposal itself should provide enough information for the relevant teams to understand the innovation. This includes a clear description of the problem being addressed, the proposed solution, the intended users and the current stage of development.
Applicants should also be prepared to explain their business or operating model and provide an overview of the technology supporting the solution. Where applicable, information about the current market or operating environment can provide additional context.
Data and risk considerations are equally important. Applicants should explain how data is used, whether information is shared with other parties, and what measures are in place to address consumer protection, cybersecurity, operational risk and other relevant compliance considerations.
Where the purpose of the submission relates to a regulatory question, applicants should clearly identify the specific uncertainty or information they need. A precise regulatory question is more useful than a broad request for approval.
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Applicants should explain how data is used, whether information is shared with other parties, and what measures are in place to address consumer protection.
Finally, applicants should remember that submitting a proposal creates a record for consideration through the relevant workflow. It does not guarantee approval, licensing, authorization, sandbox admission, pilot participation or a particular commercial outcome. Clear preparation therefore helps create a more useful starting point for structured engagement.
