The Reserve Bank of Fiji launched a FinTech Regulatory Sandbox and issued guidelines in December 2019. The guidelines adopt a number of design principles, such as requiring participants to incorporate adequate risk management and consumer protection frameworks, which include effective redressal frameworks, strict internal controls to ensure consumer privacy, and measures to mitigate liability risks involved in live testing. Moreover, the guidelines state that applicants must undertake appropriate due diligence and propose sufficient measures to combat money laundering and criminal activity financing.

It is a framework which aims to foster responsible development of innovative solutions in Fiji’s financial sector.  Specifically, the regulatory sandbox provides an innovative and safe space that facilitates controlled live tests of new financial products and services prior to commercial deployment.

You can find Fiji Regulatory Sandbox guidelines can be accessed here.