Rethinking the regulatory sandbox for financial innovation: An assessment of the UK and Singapore

Publication Type

Book Chapter

Version

acceptedVersion

Publication Date

1-2020

Abstract

After the UK launched the first regulatory sandbox regime in 2016, the approach was quickly transplanted to numerous other countries as a means of promoting innovation, improving competition and enhancing financial inclusion. However, it remains unclear whether the approach can effectively achieve the relevant policy goals and thus justify the differential regulatory treatment. This chapter provides a broad overview of the regulatory sandbox regime and examines its potential benefits and problems. The chapter then provides some empirical evidence by analyzing the sandboxes awarded in the UK and Singapore between 2016 and 2018 with the aim of identifying what the businesses awarded the sandboxes are doing, the services they provide and their current regulatory status against the backdrop of the financial technology revolution. These cases provide a basis on which to assess the effectiveness of the regulatory sandbox approach in its infancy stage and provide some reflections for regulators.

Keywords

Financial technology, fintech, regulatory sandbox, innovation, regulation

Discipline

Business Organizations Law | Finance and Financial Management | International Trade Law | Technology and Innovation

Research Areas

Public International Law, Regional and Trade Law

Publication

Regulating FinTech in Asia: Global context, local perspectives

First Page

11

Last Page

30

ISBN

9789811558191

Identifier

10.1007/978-981-15-5819-1_2

Publisher

Springer

City or Country

Cham

Embargo Period

6-9-2021

Copyright Owner and License

Authors

Additional URL

https://doi.org/10.1007/978-981-15-5819-1_2

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