This category includes firms that are looking to test innovations in a regulated financial market but currently do not hold the necessary licenses. The sandbox offers these firms a controlled environment to test their innovative financial products or services while they navigate the licensing process, providing a smoother transition into regulated operations.
Firms that propose financial services or technologies that fall under the regulatory mandate of the NBE or ECMA, and which are not currently regulated but are likely to be in the future fall into this category. The sandbox allows these firms to demonstrate their solutions’ effectiveness and compliance in a live environment, aiding regulators in understanding the implications and potential regulatory frameworks needed for such innovations.
These participants include firms offering technological solutions that support regulated financial activities, such as risk management systems, compliance tools, or reporting technologies. While these firms themselves might not require a license, their products and services directly enhance the operational efficiency and regulatory compliance of licensed entities.
Firms that develop technologies intended to improve the supervisory capabilities of financial regulators are crucial to the evolution of the financial services industry. These SupTech solutions may include data analysis tools, surveillance systems, or other technologies that help NBE and ECMA enhance their regulatory functions. Such innovations can be tested in the sandbox to refine their functionality and integration with existing regulatory processes.
