Accessible Article: Fintech Sandbox Regulations for Disabled Persons
The Bank of Jamaica has implemented a regulatory sandbox to promote innovation and experimentation in the financial technology (Fintech) sector while ensuring the protection of customers, including those with disabilities. This article provides an overview of the regulations for disabled persons.
Protecting Customer Information
To ensure accessibility and security, Fintech participants must develop and implement adequate complaints handling mechanisms easily accessible to all customers, including those with disabilities. This includes:
- Providing clear and concise information about their products and services
- Ensuring that their website and mobile applications are accessible and user-friendly for individuals with disabilities
- Offering alternative communication methods, such as Braille or large print, for customers who require them
Dispute Resolution
In case of disputes or issues, Fintech participants must have a clear and accessible process in place for resolving customer complaints. This includes:
- Identifying key performance indicators (KPIs) to measure the effectiveness of their complaint handling process
- Documenting incidents and taking steps to address them
- Providing regular updates to customers on the status of their complaints
Risk Management Controls
Fintech participants must develop full risk management controls to identify, assess, document, and mitigate major foreseeable risks. This includes:
- Ensuring adherence to anti-money laundering, counter-terrorism, and proliferation financing procedures
- Conducting regular risk assessments and updating their risk management plans accordingly
- Implementing measures to prevent and detect fraud
Readiness and Monitoring
To ensure the success of testing, Fintech participants must have systems and processes in place for monitoring and reporting on progress. This includes:
- Identifying key issues and taking steps to address them
- Providing regular updates to the Bank on their testing progress
- Conducting retrospectives after each testing cycle to identify areas for improvement
Submission of Information and Reports
During the testing period, Fintech participants must submit regular reports to the Bank. These reports must include:
- Key performance indicators (KPIs) tracking the success of their product or service
- Incident reports detailing any issues that have arisen during testing
- Resolution of customer complaints
The reports must be confirmed by the CEO of the participant company and submitted on a regular basis.
Final Report
Upon completion of testing, Fintech participants must submit a final report to the Bank. This report must include:
- Key outcomes from their testing experience
- Financial and client limits for their product or service
- Consumer protection measures in place
- Risk management arrangements
In case of a failed test, the report must also include lessons learned and recommendations for improvement.
Completion of Testing in the Sandbox
The Bank may approve deployment of the product or service on a wide scale, subject to specific conditions. Alternatively, they may prohibit deployment due to unsuccessful testing or unintended negative consequences. The decision will be communicated in writing to the participant company within 30 business days of receipt of the final report.
Application Requirements
To apply for the Fintech sandbox, participants must submit:
- A certified copy of their certificate of incorporation
- A completed application form signed and dated by the CEO or authorized person
By following these regulations, Fintech participants can ensure that their innovative products and services are accessible and secure for all customers, including those with disabilities.