The term regulatory sandbox typically describes a “safe space” in which businesses can test new products, services and business models without immediately being subjected to all regulations and licensing requirements.
Lu Lei, earler, pointed out that the emergence and development of fintech has made our financial industry also a regulatory department, under great pressure, impact and challenge.
The Cooperation Agreement was signed by Mr Mukhtar Bubeyev, Acting Chief Executive Officer of the AFSA, Mr Nurlan Kussainov, Chief Executive Officer of the AIFCA, and Mr Sopnendu Mohanty, Chief FinTech Officer of MAS.
The Committee is co-chaired by MAS Chief Data Officer, Dr David Hardoon, and Mr Hsieh Fu Hua, Co-Founder and Advisor, PrimePartners.
The latter, Blaafalk noted, could work from a compliance point of view but the costs will inevitably pile up and create a gridlock for any global organisation.