Central Bank plans to set up regulatory ‘sandbox’ to boost financial innovation

Central Bank governor Gabriel Makhlouf told the Central Bank of Ireland Financial System Conference in Dublin that the regulator had 'listened' to calls for the establishment of a sandbox for testing new financial products. Photograph: Niall Carson/PA Wire

The move comes almost a year after the Department of Finance said in a report on the banking system that the regulatory body should review its existing innovation hub and consider setting up a “sandbox” programme – similar to one offered in some other countries, such as the UK – to allow companies to test new products in a live setting.

“Our sandbox will foster innovation in financial services so as to support better outcomes consistent with our public policy objectives. In line with our principle of transparency we want your views on our plans, the themes we should focus on and how we enhance our approach to innovation more generally.”Spotify’s zero-royalty plan tells musicians their work is worthless

The Central Bank set up its innovation hub in April 2018 to allow both start-ups and existing financial firms to engage with regulators as they develop financial innovations based on new technologies outside the formal supervisory process. Some 375 such engagements have taken place over the past 5½ years.

Source: News Formal (newsformal.com)

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