The UK's finance watchdog is set to meet with regulators from the US, Europe and Asia later this week to draw up plans to create a global fintech sandbox.

The Financial Conduct Authority launched its own sandbox in 2016, which provides a safe space for innovators in financial technology to test their ideas. But speaking at the Innovate Finance conference in London on Monday Christopher Woolard, executive director of strategy and competition at the FCA, said there had been demand to operate the scheme globally.