Banking needs a regtech sandbox

Editor’s Note: Cross-posted from Regulatory Cybersecurity/FISMA Focus.

From: American Banker | BankThink

By Jo Ann Barefoot

One of the best-known inventions in banking oversight in recent years is the “regulatory sandbox.” Pioneered by the U.K.’s Financial Conduct Authority, these are running now in about two dozen countries and several U.S.states, allowing fintech innovators to conduct live, small-scale testing under the regulator’s supervision.