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Fiji: RBF launches FinTech regulatory sandbox
The Reserve Bank of Fiji ('RBF') announced, on 31 December 2019, that it had launched a FinTech regulatory sandbox ('the Sandbox') and issued guidelines ('the Guidelines') on the same. In particular, the Guidelines adopt a number of design principles, such as requiring participants to incorporate adequate risk management and consumer protection frameworks, which include effective redressal frameworks, strict internal controls to ensure consumer privacy, and measures to mitigate liability risks involved in live testing. Moreover, the Guidelines state that applicants must undertake approrpriate due diligence and propose sufficient measures to combat money laundering and criminal activity financing.
Applications to the Sandbox can be submitted by using the form in Annex 1 of the Guidelines.
You can read the press release here and the Guidelines here.
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