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Jamaica’s BOJ Launches FinTech Regulatory Sandbox to Foster Innovation and Inclusion

The Bank of Jamaica (BOJ) has launched its highly anticipated FinTech regulatory sandbox, effective March 16, 2020. This controlled environment is designed for the deployment and testing of financial technology innovations in Jamaica.

Objectives of the Sandbox

The objectives of the sandbox are multifaceted:

• Provide a platform that encourages innovation in financial services
• Promote competition
• Advance financial inclusion while safeguarding consumers and mitigating risks associated with digital financial services
• Enhance the Bank’s understanding of FinTech products, services, and business models currently available on the market, informing the framing of new regulations or amendments to existing ones

Eligibility Criteria

To be eligible for participation in the sandbox, entities must meet specific criteria:

• Regulated entities such as:
  • Deposit-taking institutions (DTIs)
  • Changos
  • Remittance service providers
  • Securities dealers authorized by the Financial Services Commission (FSC) to participate in the sandbox
  • Credit unions
• Jamaica-based FinTech companies that have partnered with a DTI or offer solutions not directly related to payment services provided by regulated entities
• Entities invited by the BOJ to provide technology solutions

Significance of the Launch

The launch of the FinTech regulatory sandbox marks a significant step forward in Jamaica’s efforts to promote innovation and inclusion in the financial sector while ensuring consumer protection and risk mitigation. The initiative is expected to create opportunities for local and international players alike, driving growth and development in the island nation.

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