Digital Civil Society Lab

Regulatory Sandboxes in FinTech for Financial Inclusion



Fintech is the future of finance, and it offers the promise of delivering new and innovative forms to drive financial inclusion. One of the key emerging ideas in at the intersection of policy, consumer protection, civil rights and industry innovation is that of “regulatory sandboxes” that provide controlled and experimental environments for startups to develop new products and services with exemption from regulatory proscription. These agreements are specific and vary widely, but of the cutting edge policy questions in this space is “what would a sandbox look like in the U.S.?” The UK and Asia have been developing their own models. This is such a new topic in the U.S. that there is currently no consolidated multi-stakeholder approach to defining what a regulatory sandbox would look like.


The focus of this project will be to develop a policy white paper, with the input of various stakeholder on Capitol Hill, industry leaders, and consumer advocates to serve as a template policy document sandboxes, including legislative text. The composition of the white paper would involve expert interviews, policy summarization, legislative text drafting, work with conveners to assemble roundtables and gatherings, as well as consultant editors to review submitted drafts. 

Presentation to Financial Innovation Network Meeting

Download a copy of the project presentation, made in Toronto at the Financial Stability Board, semi-annual Financial Innovation Network Meeting (FIN). The FIN is a group of about 50 innovation experts from central banks, ministries of finance and regulators from around the world (G20 countries, major financial centres, and international organizations). The FIN monitors developments in FinTech and other areas of financial innovation from a financial stability perspective.

Financial Innovation Network Meeting