Innovation is vital to boost financial inclusion. However, every product or technology implies a certain degree of uncertainty that can limit its development. To mitigate that risk and at the same time foster experimentation, there is regulatory sandbox: a controlled environment where startups and consolidated companies can test new technologies, products or services in similar conditions and for a limited period of time.
Aware of this trend and need, the Superintendence of Banking, Insurance and AFP (SBS) submitted to citizen consultation a proposal to expand the scope of its regulatory sandbox to new entities to consolidate an innovation ecosystem in the Peruvian financial system.
The initiative proposes to include a controlled environment to savings and credit cooperatives (COOPAC), the Associations of Regional or Provincial Funds against Traffic Accidents (AFOCAT), as well as to Startups and Fintech not supervised.
The latter are characterized by developing innovative business models aimed at serving traditionally excluded segments, such as people outside the formal financial system or those that were left out for breaches in the payment of their obligations.
“The objective is that the Sandbox consolidates itself as a real financial innovation laboratory, in which the new initiatives can develop in a safe environment with the possibility of transforming into regulations adjusted to the needs of the market,” said the head of the SBS, Sergio Espinosa.
The SBS project proposes to expand the scope of the regulation to a greater number of supervised and non -supervised entities that are fulfilling a key role in the financial inclusion process.
The regulatory sandbox is a tool that allows regulators to provide flexibility to companies to test, in a controlled environment, new financial products or services. In this way, the regulator can monitor the opportunities and risks associated with these innovations; And, at the same time, its market is facilitated more agilely.
Requirements
The project establishes requirements for non -supervised entities that wish to participate in the Sandbox. Among them is to have accredited legal formality, present a study of technical and financial feasibility, demonstrate the suitability of its representatives and have sufficient human, technological and financial resources.
These conditions seek to ensure viability, safety and adequate risk management during the pilot phase. The project prioritizes the aspects related to the protection of consumer and guarantee of transparency of the results, as well as the clarity in the exit mechanisms already regulated in the current regulations.
The SBS indicated that the relationship of approved companies and a general description of innovative developments under evaluation will be disseminated, also being able to share general information about the results obtained.
The project is published in the Institutional Portal of the SBS (https://www.sbs.gob.pe/normativa-y-estandares/normativa/Prepublicacion-de-projects-normativas) and will be available until October 7, 2025 to collect the comments and suggestions of the general public.
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