Sandboxes provides a testing ground for creation of financial services for tomorrow’s consumers, Photo: Le Toan Regulators around the world are working hard to keep pace with the rapid rise of new products and services that are based on the advancement of technologies. The key challenge for regulators is striking the balance between customer and investor protection while providing a framework where innovative products and services can be developed and provided. Dr. Nguyen Thanh Binh and Dr. Huy Pham To respond quickly to evolving technology-based products and services, governments are increasingly creating more and more regulatory sandboxes for businesses to operate in. A sandbox is a framework set up by regulators that allows small-scale, live testing of innovations by private companies in a controlled environment under the regulator’s supervision. Companies that are allowed to join the sandbox can operate with special exemptions and might have special rights. A regulatory sandbox is an interactive platform where regulators and service providers can have a more open and active dialogue, and where the regulatory parties can revise and shape the supervisory framework quickly according to the insights gained from the sandbox. Although a sharing economy is more about changing people’s behaviour than the… Read full this story
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