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CBO Confirms Receipt of Regulatory Sandbox Application

The Central Bank of [Country] (CBO) has confirmed receipt of an application from a fintech company seeking to participate in its Regulatory Sandbox program.

Key Requirements

As part of the application process, the fintech company must abide by a set of guidelines and requirements aimed at ensuring the smooth operation of live testing activities. The CBO will closely monitor the project’s progress and assess its compliance with predetermined success criteria.

• Submit a comprehensive evaluation report within 15 days after the end of the live testing period
• Detail the “way-forward” for the project in the report
• Present a strong case as to how the project met its predetermined success criteria

Transparency and Disclosure

The CBO will publish any relevant information about the Regulatory Sandbox applicants on its website and/or news outlets, including for the purpose of knowledge transfer and collaboration with other international regulatory agencies. However, proprietary/intellectual property rights-related information will not be disclosed.

Facilitation and Accommodation

Applicants must bear in mind that live testing facilities (physical location, data storage facility, etc.) will not be provided by the CBO but by the applicants themselves instead. The CBO will only provide connectivity to the National Payments and Settlements System and/or integration with other financial infrastructure entities as specified in the application.

Conclusion

The CBO is committed to ensuring a smooth and successful Regulatory Sandbox experience for all participants. The fintech company must adhere to the guidelines and requirements set forth by the CBO to ensure the success of its live testing activities.

For more information about the Regulatory Sandbox program, please contact [CBO Contact Information].