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Advances in financial technology (Fintech) have led to the emergence of products and services that have the potential to make conducting financial transactions more efficient and less expensive. However, the rapid evolution of Fintech also means that these innovations might not be captured under current financial sector legislation that exists to protect Barbadians.
As a result, the Central Bank of Barbados (CBB) and the Financial Services Commission (FSC), the nation’s two financial regulators, have established a Regulatory Sandbox where entities can do live testing of their products and services.
The purpose of this Regulatory Sandbox is two-fold. For businesses, it allows them to test the feasibility of their innovations in a real-world, but controlled, environment. For the Regulator, it provides an opportunity to better understand the nature of the product or service and by extension to determine whether the existing regulatory framework is sufficient, or if a new type of legislation is necessary.
The ultimate aim is to ensure that innovative technologies are not stymied, while at the same time protecting Barbadians and the financial system.