The regulatory body wants to further push for responsible innovation.
The Bangko Sentral ng Pilipinas Monetary Board announced the approval of the the Regulatory Sandbox Framework.
Under the said framework, the Test and Learn system allows banks, system providers and new players to offer financial products and services utilizing new technology to a limited number of customers in a controlled environment.
The Framework further allows players to study the potential of new technologies while mitigating risks to financial stability, promoting responsible innovation. Each sandbox shall undertake a four-stage process: (i) Application; (ii) Evaluation; (iii) Testing; and (iv) Exit Stages.
BSP MB approved the Regulatory Sandbox Framework which aims to promote responsible innovation among its supervised institutions.