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Jamaica: BOJ issues regulatory sandbox guidelines

The Bank of Jamaica ('BOJ') issued, on 2 March 2020, its Fintech Regulatory Sandbox Guidelines ('the Guidelines'), which seek to encourage innovations in financial services and promote competition and financial inclusion. In particular, the Guidelines highlight that participants in the sandbox will be permitted to test innovative financial products, services, and businesses in a live market environment, while ensuring appropriate safeguards are in place to manage risks, including the risk of product failure and the risk of jeopardising the integrity and stability of the financial system. Furthermore, the Guidelines have adopted four characteristics, namely objectives, eligiblity criteria, duration/timing, and safeguards. Lastly, the Guidelines also provide for general information on the sandbox such as definitions, effective date, and confidentiality, detailed requirements for operating within the sandbox, information on the reporting requirements, interim and final reports, and the approval and application processes for participation.

You can read the Guidelines here.