Colombia's financial regulator launches fintech sandbox

Monday 30 August 2021 15:21 CET | News

Superfinanciera has enabled the controlled test space to promote technological innovation in the financial system, according to the official press release.

Through this controlled space, supervised entities and other companies will be able to test innovative technological developments for up to two years. These developments should increase the efficiency of financial services and products, solve problems for consumers and promote financial inclusion, among others.

Through External Circular 016 of 2021 , the Financial Superintendency of Colombia -SFC- defined the characteristics for the operation of the controlled testing space that allows the implementation of innovative technological developments in the provision of activities typical of the entities under surveillance.

The controlled test space is a public policy tool that consolidates and complements the advances in experimentation achieved since 2018 through the SFC Sandbox, also known as the ‘Supervisor's Sandbox’, and aims to continue with the promotion of safe financial innovation by strengthening the State's capacity to adjust the regulatory framework to the new dynamics of the markets.

Through this instrument, supervised entities and other companies that have innovative technological developments framed in the purposes defined in the regulation may test, for up to a period of two years, products, services, processes, or innovative business models on a temporary and under the supervision of the Financial Superintendency of Colombia.

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Keywords: regulatory sandbox, fintech
Categories: Banking & Fintech
Countries: Colombia
This article is part of category

Banking & Fintech