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Brunei Darussalam Seeks to Strengthen FinTech Regulation with Compliance Requirements
The rapid growth of financial technology (FinTech) in Brunei Darussalam has brought about new opportunities for innovation and entrepreneurship, but also raised concerns over compliance requirements. The Autoriti Monetari Brunei Darussalam (AMBD), the country’s monetary authority, is working to ensure that FinTech companies comply with relevant laws and regulations.
Establishment of FinTech Office
To achieve this goal, AMBD has established a FinTech office as a virtual facilitation hub, providing a single point of contact for parties interested in engaging with the authority on FinTech-related matters. The office also serves as a repository of information on FinTech administration and a gateway for submitting feedback and queries.
FinTech Regulatory Sandbox
In addition, AMBD has implemented a FinTech Regulatory Sandbox, designed to encourage responsible innovation while minimizing risks. The sandbox allows companies to test their FinTech solutions under regulatory support from AMBD, subject to certain conditions. To use the sandbox, companies must first register their interest with AMBD and undergo a testing process that includes controls to contain and minimize potential risks.
Guidelines for Using the Sandbox
The government has issued guidelines for the use of the sandbox, which applies to companies seeking to deploy FinTech solutions in the financial market. Companies must submit an application to AMBD to participate in the sandbox program and demonstrate successful completion of the test before exiting and complying with relevant laws and regulations.
Getting Further Information
For further information or guidance on FinTech compliance requirements in Brunei Darussalam, please contact:
- Mohamad Rozaiman Abdul Rahman
- Your usual ZICO Law partner
Important Note
This alert is intended for general information purposes only and should not be taken as legal advice.