Australia extends fintech sandbox remit after long wait

By passing the Treasury Laws Amendment (2018 Measures No. 2) Bill 2019 on Monday, the government has extended the scope and timeframe fintechs can spend on the existing framework.

Financial Services Shifting Center on ESG – FinTech Talks Presented by FinTech Sandbox

Impact Finance Regulatory Sandbox – Robert O’Brien – Fund8 – Catalyst TV


Spend 5 minutes to learn about the team’s financial ideas in this wonderful proposal, a blueprint for creating a regulatory sandbox to experiment with innovative DeFi in social and environmental finance.

F8: Lobbying for favorable legislation
Proposal: Impact Finance Regulatory Sandbox
https://cardano.ideascale.com/c/idea/403011
Requested funds in USD: 99,450

Proposers’ background

The team has backgrounds in blockchains, dispute resolution, intellectual property law, commercial law, innovation, health, public finance, financial and energy markets, software engineering, and marketing.

Alex Sims: Associate Professor in the Department of Commercial Law, Auckland University [27], and an Associate at the UCL Centre for Blockchain Technologies (CBT), executive council member of Blockchain NZ [28]. PhD on Decentralised Autonomous Organisations (DAOs): Governance, Dispute Resolution and Regulation[29]. Primary research areas are blockchain technology, DAOs, NFTs, the regulation of cryptocurrencies, consumer protection, and legal issues surrounding smart contracts.

Graham Scott: Economist, former Secretary to the Treasury Government of NZ, Chairman of NZ Electricity Market Company (EMCO), health funding authorities, and NZ Productivity Commissioner. Public Sector Consultant on government reform, economic policy, and market regulation [30].

Rochelle Furneaux: New Zealand Commercial Intellectual Property and Information Technology lawyer with 25 years experience. Supported social enterprise technology startups through mentoring and as a legal adviser. Past council member of Internet NZ. Co-organiser of Legal Hackers (NZ Chapter).

Robert O’Brien: Distributed Systems Software Engineer (Financial Systems) and Entrepreneur. Co-Founded three start-ups in Financial Data Analytics, International Trade Payments, and Impact Investing. Plutus and Atala Prism Pioneer. Co-organiser of the Catalyst Eastern Town Hall, a Cardano Catalyst Community initiative. Co-organiser of Legal Hackers (NZ Chapter).

James Mansell: Founder of Social Investment New Zealand, New Zealand Data Commons[2], experienced board member and/or advisor of New Zealand government agencies for education, housing, biosecurity, Inland Revenue, and primary research centres.

Paul Beattie (Project Management/Marketing): CEO of a remote-first company providing Cloud-based Enterprise Resource Planning (ERP) solutions to New Zealand and Australian medium-sized organisations. Experienced accounting software product manager and marketer.

Physis Investment – FinTech Sandbox Demo Day 8.0


Physis uncovers the impact of every investment to help institutional investors report expanded ESG metrics and build sophisticated portfolios.

Visit their website: https://physisinvestment.com/
Contact the Physis team: stefania.DiBartolomeo(@)physisinvestment.com

This pitch was featured in FinTech Sandbox’s Demo Day 8.0. To learn more about the non-profit visit our website: https://fintechsandbox.org/

Apply for the Data Access Residency here: https://bit.ly/3rVsXRE

RBI’s Regulatory Sandbox for FinTech Businesses in India | Process | Eligibility | Due Date


On 18 April 2019, the Reserve Bank of India released its framework for the concept of #RegulatorySandbox for FinTech companies. This framework was released in response to the rapidly evolving #FinTech ecosystem in the country, and to promote responsible innovation in financial services, promote efficiency and bring benefit to the end users of such services.

What exactly is a Regulatory Sandbox?

It refers to a formal regulatory programme by the #RBI, where market participants can live test their new products or services in a controlled or test regulatory environment. In a Regulatory #Sandbox, the regulator, the innovators, the financial service providers and the customers perform controlled trials to identify the benefits and risks of such new #financial innovations. Such testing also allows these parties to carefully monitor and contain these identified risks.
The purpose of the Regulatory Sandbox is to enable the Regulators to obtain first-hand practical evidence on the different benefits and risks of such financial innovations and their implication. This way, they can also carefully assess the needed regulatory changes or new regulations to support beneficial innovations, while also identifying and containing the associated risks.
There have been 2 successful Regulatory #SandboxCohorts, with the first one on the theme of retail payments from 15 November to 15 December 2019 and the second one on cross border payments from 21 December 2020 to 15 February 2021. The theme for the Third Cohort is #MSMELending, which is now open for applications till 14 November 2021.

Process that is involved in the Regulatory Sandbox:

The entire sandbox process is overseen by the #FinTechDivision (FTD) under overall supervision of the Inter Departmental Group of the RBI.
Each cohort of the Regulatory Sandbox involves five stages. The first is Preliminary Screening. This phase may last for 4 weeks from the closure of application window. The #FTD receives all the applications to assess if they meet the eligibility criteria.
The next stage is Test Design, which may also last for 4 weeks. The FTD finalises the test design through an iterative engagement with the applicants and identifies its outcome to evaluate its benefits and risks.
The third stage is Application Assessment, which can last for 3 weeks. The FTD assesses the test design and proposes regulatory modifications if required. The fourth stage is Testing, which may last for up to 12 weeks, during which the FTD closely monitors the trials and generates empirical evidence.
The final stage is Evaluation, lasting for up to 4 weeks. The RBI confirms the final outcome of the testing as per the expected parameters. The FTD assesses the outcome reports and decides on whether the product or service is viable and acceptable under the RS.

The fit and proper criteria for selection of participants in #Regulatory Sandbox. Every applicant must satisfy certain fit and proper conditions in order to apply for the Regulatory Sandbox. The applicant must be a company, limited liability partnership or partnership firm incorporated and registered in India, banks licensed to operate in India or financial institutions constituted under a statute in India. The applicant must have a minimum net worth of Rs 10 lakh as per its latest audited balance sheet.

The proposed FinTech solution must also highlight an existing gap in the financial ecosystem. The applicant’s proposal or business plan must lay down how it would address the problem, benefit the customers, the test scenarios and expected outcomes of the RS experimentation, an acceptable exit and transition strategy, results of Proof of Concept or testing of use cases including any relevant prior experiences and significant risks arising from the proposed FinTech solution or financial service.
Further, the applicant must mandatorily comply with the requirements related to customer privacy and data protection, secure storage of and access to payment data of stakeholders, security of transactions, KYC, AML and #CFT requirements, and statutory restrictions.
The deadline for applying for the RBI’s Regulatory Sandbox is approaching and the applicants must hurry up to submit their applications if they wish to participate in the Third #RSCohort.

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