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A regulatory Sandbox is a framework under which businesses can live test their innovative products and services on a small scale, while being closely monitored by regulators. Sandboxes give businesses an idea of how their products or services will perform on the market, while allowing regulators to determine if and how these products or services should be regulated.
Financial Technology or Fintech relates to the use of modern technology to provide financial services.
An entity that is responsible for the regulation of financial institutions and/or monitors the financial institutions to ensure they are complying with legislation and regulatory guidelines.
A team comprising representatives from the Central Bank of Barbados, the Financial Services Commission and the Director of Finance and Economic Affairs. The panel may also draw on the expertise of subject matter experts from outside these organisations.
Real as opposed to simulated. The businesses in the Regulatory Sandbox will be conducting business with real customers, albeit in a closely monitored environment.