The FinTech Department was established in FSCA in August 2017. The department is responsible for ongoing monitoring, research and assessment of technological trends and innovations to understand their external impact on financial sector business models, product and solution design and customer outcomes, in order to inform agile and appropriate regulatory and supervisory responses to technological innovations.
The FinTech department 3 focus areas:
(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.