Innovators and Developers
The FSCA is a member of the Intergovernmental Fintech Working Group (IFWG) which offers support to innovators and developers of new financial technology, products and services.
The IFWG provides an innovation accelerator platform, a sandbox and a guidance unit that helps innovators test their innovations against regulatory requirements.
The FSCA also has an internal fintech department that works in conjunction with the IFWG to advance innovation in the financial sector.
The focus is on innovations that benefit the sector and consumers, be they technology driven or not.
Innovators and developers can access market insights, case studies, discussions, events and the IFWG services here.
The FinTech Department has 3 focus areas through IFWG:
(i) The Regulatory Guidance Unit provides a streamlined entry point for the market to access support navigating the regulatory environment and an opportunity for regulators to use data and insights from the Unit to inform policy development.
(ii) The Regulatory Sandbox provides a live testing environment that balances the risk of new market participants and innovative solutions that cannot be addressed within the current regulatory framework, whilst enjoying the benefits of innovative disruption.
(iii) The Innovation Accelerator drives internally-oriented innovation with common benefits across participating regulators and explores opportunities for external innovation in the financial services landscape. In doing so, it facilitates innovative solutions to shared regulatory complexities both in the market and within regulators.