The Reserve Bank has launched guidelines for a FinTech Regulatory Sandbox, aimed to foster the responsible development of innovative solutions in our financial sector.

The Reserve Bank has launched guidelines for a FinTech Regulatory Sandbox, aimed to foster the responsible development of innovative solutions in our financial sector.

The regulatory sandbox specifically provides an innovative and safe space that facilitates controlled live tests of new financial products and services prior to commercial deployment.

Governor, Ariff Ali, acknowledged that “financial technology, commonly referred to as FinTech, continues to play a transformative role in broadening access to essential financial services.

He says this has been evident through the use of services such as card and QRcode-based payments, agent banking, online banking, mobile money, and other emerging digital financial services.

The Governor says the guidelines recognize the need to evolve regulation that enables genuinely beneficial innovation while simultaneously responding to new risks emerging from more sophisticated solutions.