According to the bank, the sandbox will enable it to accelerate its collaboration with new fintechs and the development of any products and services that result from the partnerships.

The bank also states that a number of experiments have already been conducted in the sandbox.

The move is in line with research conducted by Lloyds in 2021, that said almost half (46%) of financial services firms plan to work more closely with fintechs.

"We are working to maximise the value of the Sandbox and increase the velocity of technology-led innovation in supporting our growth strategy," said Vic Weigler, chief technology officer at Lloyds Banking Group.