Entering to Sandbox has No Time LimitEconomy
Ulaanbaatar, February 9, 2023 /MONTSAME/. The revised draft of the Sandbox Regulatory Environment Regulation for Fintech technology-based financial services creates an opportunity to receive requests to enter the sandbox without any time limit.
According to the Financial Regulatory Commission (FRC), the new revision also allows for the immediate testing of new products and services within the sandbox environment. The commission discussed this revised draft at its regular meeting on February 08.
The stipulation of the current regulation is that the financial regulatory institutions have separate sandbox units, but now in the revised draft, it is specified that the FRC would manage the Sandbox unit. The head of the FRC, the Minister of Finance, and the Governor of the Bank of Mongolia will jointly approve the draft regulation.
During the FRC meeting, the participants discussed the implementation of the works within the framework of the Program on Anti-Money Laundering and Combating the Financing of Terrorism that the government approved the FRC to carry out alone or jointly with other organizations.
FRC approved the following activities at the meeting:
- Preparations for the next round of mutual evaluation of the Asia/Pacific Group (APG).
- To improve and ensure continuity of measures to be taken in combating money laundering and terrorist financing in FRC-regulated sectors.
- To develop the FRC’s Measure Plan for Implementation of the Anti-Money Laundering and Combating the Financing of Terrorism Program (2023-2030) based on eight objectives.
A sandbox is a regulatory environment for testing the adoption of development in Fintech or technology-based financial services. Currently, more than 50 countries have implemented it. Each year, these types of companies are expanding rapidly due to technological development influence.