FinTech regulatory sandbox

Description:

The objectives of the Sandbox are to provide a platform to encourage innovations in financial services, promote competition and promote financial inclusion, all while protecting consumers and mitigating risks associated with digital financial services. The Sandbox is also intended to promote the Bank’s improved understanding of the FinTech products, services and business models currently available and inform the relevant framing of new regulations or amendment of existing regulations. Furthermore, the Bank's Fintech Regulatory Sandbox is a search for a solution to expand financial services to the unbanked — those who do not have an account with a financial institution such as a bank or credit union. The testing duration in the sandbox is 24 months, which can be extended if participants can demonstrate that an extension is necessary to respond to risks or issues. By regulatting several entities and allowing them to operate to promote innovation, this sandbox benefit both consumers and businesses. For the consumer, it ensures availability of a range of financial services at a fair price, and to mitigate risks linked to financial systems, to build digital financial identity and credit history. For businesses, it encourages innovation in saving products, credit facilities and services, electronic retail payments and money transfer services, and develops e-commerce solutions for micro, small and medium-sized enterprises.

Country:

Jamaica

Institution:

Bank of Jamaica (BOJ)

Category:

Digital Government


Focus:

RegulationRegulatory Sandbox

Technology:

FinTech

Links:

https://www.asianlaws.org/sandbox/docs/sl/details.pdf