The National Bank of Angola (BNA) will start with the first tests to assess the efficiency of the risk management system, with emphasis on the cyber security of the "Regulatory Sandbox", revealed the sub-director of the BNA's Payment Systems area, Nuno Alves.
Speaking at a lecture on “The impact of Regulatory Sandbox in the innovation of Financial Services”, addressed to journalists, the person in charge stresses that the process is part of the integration criteria, demanding that the participants must identify and evaluate the potential risks.
Nuno Alves detailed that 30 days after the end of the request for tests, participants must submit a final report, with the key performance indicators of the agreed measures for the success or failure of the tests carried out and the results.
According to the same, risks may arise from the testing of products, financial services, business models and innovative technological solutions and affect both financial institutions and consumers, which is why mitigation measures, evaluation and documentation.
Nuno Alves says that the Regulatory Sandbox must create procedures to combat money laundering and terrorist financing and the proliferation of massive weapons, and must also have an exit strategy and transition to the market.
BUT: “Regulatory Sandbox”. Meet the startups selected for the program
He explained that, for the process, national companies with projects to be implemented in Angola, entities without parental ties or affinity with professionals from the LISPA - Payment System Innovation Laboratory (LISPA), an initiative of the National Bank of Angola.
In short, it is an isolated, controlled, and secure environment for testing. In the case of the regulatory sandbox, the design of an experimental environment will allow startups to test innovations — whether new products, services or technologies — in the real market for a certain period of time, without the need to undergo the traditional rites and procedures required by regulatory bodies.
There are, however, some limitations, such as the number of consumers that these startups can serve, being reduced. Even if they do not need to go through the usual screenings and processes, the tests are observed and closely monitored by the sector's regulators, who assess the development of innovations and their possible impact on the market. If successful, technology projects can receive permanent authorization for your business.
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