Regulatory Sandboxes in Latin America and the Caribbean for the FinTech Ecosystem and the Financial System
The FinTech industry has grown significantly in Latin America and the Caribbean and has become an alternative for improving regional financial inclusion levels. However, the innovations brought about by this growth pose a series of challenges for regulators and financial supervisors, who are tasked with reducing uncertainty associated with the phenomenon. Regulatory sandboxes are tools to mitigate uncertainty in a controlled environment in which companies can test their services under the financial regulator’s oversight. There is a possibility that the region can advance toward common principles to allow ecosystem development and regulatory convergence among the different countries.
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| Format: | Discussion Papers & Presentations biblioteca |
| Language: | English |
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Inter-American Development Bank
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| Subjects: | Innovation, Financial Market, Innovation Policy, Innovation Ecosystem, Central Bank Money, Mobile Banking, Bank Risk-Taking, Digital Payment, Financial Regulation, Financial System, G23 - Non-bank Financial Institutions • Financial Instruments • Institutional Investors, G28 - Government Policy and Regulation, crowdfunding;finanzas alternativas;fintech;instituciones financieras;mercados financieros;regulación financiera;sandbox regulatorio;servicios financieros, |
| Online Access: | http://dx.doi.org/10.18235/0007982 https://publications.iadb.org/en/regulatory-sandboxes-latin-america-and-caribbean-fintech-ecosystem-and-financial-system |
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| Summary: | The FinTech industry has grown significantly in Latin America and the Caribbean and has become an alternative for improving regional financial inclusion levels. However, the innovations brought about by this growth pose a series of challenges for regulators and financial supervisors, who are tasked with reducing uncertainty associated with the phenomenon. Regulatory sandboxes are tools to mitigate uncertainty in a controlled environment in which companies can test their services under the financial regulator’s oversight. There is a possibility that the region can advance toward common principles to allow ecosystem development and regulatory convergence among the different countries. |
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