Fintech Regulatory Sandbox (FRS) refers to live testing of new products or services in a controlled and test regulatory environment for which regulators may (or may not) permit certain regulatory relaxations for the limited purpose of testing. The FRS allows the regulators, financial institutions, Fintech companies and customers (as end users) to conduct live tests and understand the benefits, shortcomings or risks associated with new innovative products and services in an environment which is monitored closely by the regulator.
The initiative cultivates advanced and innovative products, services and business models in the domestic financial services industry, and in turn contributing to enhancing financial inclusion, increasing financial depth and generating economic growth.