O National Bank of Angola (BNA) and the Accelerates Angola last week launched the “Regulatory Sandbox” platform, a project that will allow financial technology (fintech) startups and financial sector institutions to test their products, services and business models.
The “sandbox” test environment comes with the Angola Payment System Innovation Laboratory (LISPA), and foresees safeguarding the interests of consumers, security, as well as the integrity of the Angolan financial system, as well as facilitating Angolan startups, in terms of regulatory guidance to adapt their performance to the legislation in force.
For the deputy governor of the Bank of Angola, Pedro Castro e Silva, who was present at the launch event, says that the initiative results from the need to provide a platform to encourage innovation in financial services, encourage security, convenience, reduce other charges on access and use by consumers.
The Regulatory Sandbox also comes from the need to promote competition, efficiency and provide financial inclusion, where for the BNA representative, it has advantages for the main Angolan financial institution, as it will allow adjusting the regulation, through learning, with the proper adaptation of regulatory requirements or procedures that inhibit involuntary innovation or make services, products or business models unfeasible.
"We intend to be able to exercise our functions in a balanced and proportionate way, establishing a favorable regulatory environment“, informed Pedro Castro Silva.
BUT: Angolan startups will benefit from a regulatory sandbox environment
The platform that will make vacancies available annually has a structure composed of four stages of work, which include 10 projects selected through prior application, with sessions on the regulation for obtaining licenses and mentoring for the definition of a growth strategy in the market.
For the first phase, the submission of applications will extend until the 24th of this same month, so that the first groups of those selected can be formed, as early as next March.
For José Carlos, chairman of the Executive Committee (CEO) of Acelera Angola, he advanced the requirements for candidacies, including being an Angolan company, with effective rules for licensing and genuine innovation, with protection.
"This year we will have classes lasting only eight months. This is a very intensive Sandbox, where the requirements and dynamics require much greater demand, both from the point of view of the BNA team and from us and from the partners themselves.“, he underlined.
