Financial technology, also known as Fintech, is a booming industry. Entrepreneurs and startups all over the world bring much-needed innovation to the financial sector. However, existing regulations can nip these innovative concepts in the bud at an early stage. The Bank of Thailand wants to establish a regulatory Fintech sandbox to alleviate these concerns.
Creating A Modified Regulatory Ecosystem For Fintech
The Bank of Thailand is in the process of holding a public meeting through its website regarding Fintech regulation. Residents, startups, and entrepreneurs have a chance to share their opinions and concerns until October 15, 2016. A sandboxed regulatory environment will be established starting in Q1 of 2017.
Fintech is playing an ever-growing role of importance in the financial sector. By creating a sandboxed environment, the Bank of Thailand wants to help startups obtain their necessary licenses