Key Features of the Regulatory Sandbox

• The Sandbox will be a virtual space for both CBB-licensed financial institutions and other firms to test their technology-based innovative solutions.
• The Sandbox application process will be open to both existing CBB licensees (financial institutions with FinTech initiatives) and other companies (local + foreign). The latter may include financial sector companies as well as technology and telecom companies intending tot est an innovative product or service, professional service firms which partner with or service financial institutions, or any other type of applicant working within the financial services industry deemed acceptable by the CBB.
• The testing of a product or service may be limited in terms of the number of volunteer customers and/or the amount (to be decided by the CBB on a case by base basis). TheApplicant’s or participating bank’s staff can also be engaged as volunteer customers. The duration of the Sandbox is 9 months with a maximum extension of three months.
• It must be emphasized that the Sandbox is not intended to be a means to avoid the legal and regulatory requirements already in place.