Decoding Sri Lanka’s FinTech Regulatory Sandbox
December, 21, 2020
By Imesha Dissanayake
The sandbox concept evolved from the children’s learning game, vindicating the old “test and learn” approach to foster innovation. According to the UK Financial Conduct Authority (FCA), sandboxes are a safe space in which individuals can test innovative products, services, business models, and delivery mechanisms in a controlled environment.
There are many types of sandboxes available globally with one such type being the regulatory sandbox. A regulatory sandbox apart from its functions as a sandbox, is also a mechanism where the regulator is able to identify regulatory barriers that hinders innovations. UK FCA was the first to introduce a regulatory sandbox in 2016 followed by other countries such as Singapore, Malaysia, Indonesia, Jordan and Australia. The Central Bank of Sri Lanka (CBSL) too launched a regulatory sandbox on 17
By Imesha Dissanayake
The sandbox concept evolved from
the children’s learning game, vindicating the old “test and learn” approach to
foster innovation. According to the UK Financial Conduct Authority (FCA),
sandboxes are a safe space in which individuals can test innovative products,
services, business models, and delivery mechanisms in a controlled environment.
There are many types of sandboxes
available globally with one such type being the regulatory sandbox. A
regulatory sandbox apart from its functions as a sandbox, is also a mechanism
where the regulator is able to identify regulatory barriers that hinders
innovations. UK FCA was the first to
Decoding Sri Lanka s FinTech Regulatory Sandbox slguardian.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from slguardian.org Daily Mail and Mail on Sunday newspapers.