T Explained That Institutions Applying To Testa Certain Product Using The Same Framework May Be Advised Use Regulatory Sandbox Lite News Today : Breaking News, Live Updates & Top Stories | Vimarsana

MANILA - Bangko Sentral ng Pilipinas-regulated institutions and related firms can now test and offer in a controlled environment some innovative products that may eventually be useful for the domestic financial system. The central bank's policy-making Monetary Board (MB) approved the Regulatory Sandbox Framework, which allows BSP Supervised Financial institutions (BSFIs), third-party service providers, and new financial institutions to use the test and learn (T&L) approach, which has been in place since 2024, in testing new products without risking the financial system's stability. The central bank "has always championed responsible innovation since we see it as a catalyst to promote efficiency in the financial system and expand financial inclusion," according to Bangko Sentral Governor Felipe Medalla. "We are deeply committed to ensuring that attendant risks in using new technologies are effectively managed through enabling and responsive regulations,"

Bangko sentralFelipe medallaMonetary boardRegulatory sandbox frameworkBangko sentral governor felipeRegulatory sandbox liteManila bangko sentral ng pilipinas regulated institutions and related firms can now test offer ina controlled environment some innovative products that may eventually be useful for the domestic financial system central bank 39s policy making monetary board mb approved regulatory sandbox frameworkHich allows bsp supervised financial institutions bsfisThird party service providersNd new financial institutions to use the test and learnt ampl approachHich has been in place since 2024N testing new products without risking the financial system 39s stability central bank quot has always championed responsible innovation since we see it asa catalyst to promote efficiency in and expand inclusionUot according to bangko sentral governor felipe medalla quot we are deeply committed ensuring that attendant risks in using new technologies effectively managed through enabling and responsive regulationsUot he added the bsp said sandbox under framework hasa four stage process applicationNd exit strategies that will be conducted for 12 months before evaluating whether it is quot fit broader or mass adoption not said insights from the regulatory sandbox projects inform development of policies necessary to regulate activities within and around new emerging financial solutions relativelyT explained that institutions applying to testa certain product using the same framework may be advised use regulatory sandbox lite