Applications are now open for the first class of the “Regulatory Sandbox”, a platform that will allow financial technology (fintech) startups and financial sector institutions to test their products, services and business models.
According to official statement, Angolan fintechs have until March 10 to submit their applications and be able to enter the “sandbox” test environment, which provides for safeguarding the interests of consumers, security, as well as the integrity of the Angolan financial system, as well as facilitating the Angolan startups, in terms of regulatory guidance to adapt their operations to the legislation in force.
The “Regulatory Sandbox” is a joint project of the National Bank of Angola (BNA) and the Accelerates Angola, where the initiative results from the need to provide a platform to encourage innovation in financial services, encourage security, convenience, and reduce other charges for access and use by consumers.
BUT: Angolan startups will benefit from a regulatory sandbox environment
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.
To submit your application click on here.
