Call for applications to enter Fintech Regulatory Sandbox

Azlan Othman

Autoriti Monetari Brunei Darussalam (AMBD) which continuously encourages the development of the financial sector, in particular, in the area of financial technology, or fintech, called for applications to enter the AMBD Fintech Regulatory Sandbox.

The AMBD Fintech Regulatory Sandbox was established on February 27, 2017 to facilitate the development of fintech in Brunei Darussalam.

The Sandbox gives the opportunity for qualified Fintech companies to test and experiment their products and innovation in a flexible regulatory environment, for a limited period and within set boundaries.

Since the establishment of the sandbox, AMBD has approved a number of companies to test their fintech products and services in the Sandbox. The type of fintech products and services that are suitable for the Sandbox include those in the areas of banking, capital markets and insurance/takaful, or innovative areas of finance within AMBD’s regulatory scope that has the potential to benefit consumers.

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AMBD remains committed to the country’s financial stability as well as the interests of financial consumers, and is continuously monitoring the risks involved in and development of fintech products and services.