Regulatory Sandboxes and Innovation Hubs for FinTech

30-09-2020

The unprecedented leap and the disruption potential of the emerging technological developments in finance have challenged the existing institutional and regulatory arrangements in the financial sector. Jurisdictions across globe have adopted various initiatives to keep abreast of the rapid technological developments and to encourage the development of their FinTech ecosystems. This study examines the setting up of regulatory sandboxes and innovation hubs as part of the overall strategies pursued by jurisdictions in response to the FinTech developments. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

The unprecedented leap and the disruption potential of the emerging technological developments in finance have challenged the existing institutional and regulatory arrangements in the financial sector. Jurisdictions across globe have adopted various initiatives to keep abreast of the rapid technological developments and to encourage the development of their FinTech ecosystems. This study examines the setting up of regulatory sandboxes and innovation hubs as part of the overall strategies pursued by jurisdictions in response to the FinTech developments. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).