FINTECH Sandbox artwork-web

FinTech Regulatory Sandbox

BOJ’s FinTech Regulatory Sandbox became effective on 16 March 2020.

What is the Sandbox?
It is a controlled environment for the deployment and testing of financial technology.

The objectives of the Sandbox are to provide a platform to encourage innovations in financial services, promote competition and promote financial inclusion, all while protecting consumers and mitigating risks associated with digital financial services. The Sandbox is also intended to promote the Bank’s improved understanding of the FinTech products, services and business models currently available and inform the relevant framing of new regulations or amendment of existing regulations.

Who qualifies to apply?

  1. Regulated Entities:
    • DTIs
    • Cambios
    • Remittance Service Providers
    • Securities Dealers which have been authorised by the FSC to participate in the Sandbox
  2. Credit Unions
  3. Fintech Companies incorporated in Jamaica, in partnership with a DTI
  4. Fintech Companies incorporated in Jamaica, offering solutions not directly related to payment services provided by regulated entities may not necessarily be required to partner with a DTI
  5.  Entities invited by Bank of Jamaica to provide technology solutions