Tunis Launches Regulatory Sandbox to Promote Fintech Innovation
The Central Bank of Tunisia (BCT) officially launched its regulatory sandbox on [Date] in Tunis, marking a significant step towards promoting banking and financial innovation in the country.
Understanding New Technologies for Regulatory Framework Adjustments
The ceremony was presided over by BCT Governor Marouane El Abassi, who emphasized the importance of understanding new technologies to develop new solutions and adjust the regulatory framework if necessary. The regulatory sandbox is a testing environment for innovative fintech solutions offered by selected companies with voluntary clients for a limited period under the supervision of the BCT.
Collaborative Efforts for Fintech Development
According to El Abassi, the launch marks the culmination of over a year of work with technical assistance from World Bank experts and collaboration with Tunisia’s innovation ecosystem. The event was attended by a range of stakeholders, including Minister of Communication Technologies and Digital Economy Anouar Maarouf, Tunisian Professional Association of Banks and Financial Institutions President Habib Ben Hadj Kouider, World Bank representative Onur Ozlu, BCT Vice-Governor Nadia Gamha, and numerous fintech operators.
2020: A Pivotal Year for Fintech Development
El Abassi highlighted that 2020 will be a pivotal year for developing digital solutions in the financial sector. He noted that transforming financial institutions through close collaboration with fintechs is crucial to creating a new economic model based on inclusion, innovation, and high-value added wealth creation.
Goals and Objectives of the Regulatory Sandbox
The launch is seen as a key mechanism for promoting fintech innovation in Tunisia, with the goal of driving economic growth and development in the country. The regulatory sandbox aims to:
- Provide a testing environment for innovative fintech solutions
- Foster collaboration between fintech companies and traditional financial institutions
- Encourage the development of digital solutions that promote financial inclusion and innovation
- Adjust the regulatory framework as needed to support fintech innovation
By achieving these goals, Tunisia is poised to become a hub for fintech innovation in the region, driving economic growth and development through the creation of new opportunities and jobs.