OPINION | BSP gears for regulatory sandbox framework By Juan Miguel C. De La Cruz READ:
As part of its “test-and-learn” approach, the BSP attempts to gain firsthand, evidence-based insights on how these emerging technologies operate, identify consequences and risks on usage and implementation, and how these technological solutions can be properly regulated without impeding innovation.
a. The financial solution: 1.) uses new or emerging technology or utilizes an existing technology in an innovative manner, or, 2.) bridges a market gap in the delivery of financial products/services. The financial solution must be supported by research that shall be part of the documents submitted to the BSP.
d. The applicant must be able to identify significant risks, including money laundering and terrorist financing risks, IT and cybersecurity, data integrity and data privacy, market acceptability, consumer protection, and project implementation/execution, relevant to the innovation and the corresponding proposed safeguards and risk mitigation strategies.
The BSP, in the course of its evaluation, reserves the right to reject an application based on the merits of the submitted documents and representations, without prejudice to the filing of a new application after a six-month cooling oThose who are eligible will be allowed to test their proposed innovation in accordance with the BSP-approved test plan which shall be suited to the features of the proposed innovation/solution.
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