Regulatory Sandbox

Innovative fintech ideas often do not fit existing rules, and launching them at full scale is risky for both firms and consumers. A sandbox offers a middle path.

Typical features:

• Firms apply to the regulator with a clear innovation, test plan and consumer safeguards.
• Approved firms test within limits on the number of customers, transaction size and duration.
• The regulator may relax certain requirements during the test, while consumer protection, AML/CFT and disclosure obligations continue.
• At the end, the firm either obtains a full licence, adjusts the product or exits.

Benefits include faster innovation, better understanding of new technology by regulators and evidence-based rule-making. Risks include consumer harm if safeguards are weak and the perception of favouritism.

The UK Financial Conduct Authority's sandbox, launched in 2016, is a widely cited model, and many central banks have followed. NRB has discussed fintech and regulatory sandbox approaches in its fintech and payment policy work; candidates should check NRB's latest policy documents for any framework in force.

नवीन फिनटेक अवधारणा प्रायः विद्यमान नियममा मिल्दैनन् र पूर्ण रूपमा सुरु गर्दा जोखिम हुन्छ; स्यान्डबक्स बीचको बाटो हो।

विशेषता: फर्मले नवप्रवर्तन, परीक्षण योजना र ग्राहक सुरक्षाका उपायसहित आवेदन दिन्छ; ग्राहक सङ्ख्या, कारोबार रकम र अवधिको सीमाभित्र परीक्षण हुन्छ; केही नियम खुकुलो पारिन्छ तर उपभोक्ता संरक्षण र AML/CFT दायित्व कायम रहन्छ; अन्त्यमा पूर्ण इजाजत पाउने, सुधार गर्ने वा बाहिरिने।

बेलायतको FCA ले सन् २०१६ मा सुरु गरेको स्यान्डबक्स चर्चित नमुना हो। नेपाल राष्ट्र बैंकले फिनटेक नीति कार्यमा यस्तो अवधारणा छलफल गरेको छ; लागू व्यवस्थाका लागि नवीनतम नीति हेर्नुपर्छ।