Fintech Regulatory Sandbox Guidelines NO. FTU/G-1/2017/1

The Autoriti Monetari Brunei Darussalam (AMBD) FinTech regulatory sandbox guidelines. An excerpt:

  • AMBD has identified several key areas of development for Brunei Darussalam’s financial sector and it envisions a vibrant economy powered by ICT through ICT-Smart Citizens as well as being a connected and efficient nation.
  • The movement towards being an E-Payment economy is also a focus, i.e. moving away from being paper-based in favour of electronic methods. This move is intended to improve financial institutions operational efficiency and costs, as well as to provide new services and greater convenience to the customers.
  • AMBD recognizes that the evolution of Financial Technology (FinTech) has given rise to innovations that allow more sophisticated financial services to be offered to customers. Similarly, these innovations may also give rise to ambiguity on whether compliance to regulatory requirements are being met.
  • The ambiguity that might arise from the need to comply with legal and regulatory requirements may discourage financial institutions or potential FinTech startups from implementing innovative solutions. This situation would be undesirable as missed opportunities may arise if innovation is stifled....
  • Target Audience: The Guidelines may interest any party that wishes to offer financial services that are or likely to be regulated by AMBD using technology in an innovative manner. This may include but is not limited to licensed financial institutions and FinTech companies.

“financial services” means regulated activities under any of the following: - i. Banking Order, 2006 ii. Islamic Banking Order, 2008 iii. Insurance Order, 2006 iv. Takaful Order, 2008 v. Securities Market Order, 2013 vi. Payment and Settlement Systems (Oversight) Order, 2015 vii. Money Changing and Remittance Business Act (Chapter 174) viii. Moneylenders Act (Chapter 62) ix. Pawnbroker Order, 2002;

“financial institution” refers to all institutions licensed under any of the following: – i. Banking Order, 2006 ii. Islamic Banking Order, 2008 iii. Insurance Order, 2006 iv. Takaful Order, 2008 v. Securities Market Order, 2013 vi. Payment and Settlement Systems (Oversight) Order, 2015 vii. Money Changing and Remittance Business Act (Chapter 174) viii. Moneylenders Act (Chapter 62) ix. Pawnbroker Order, 2002;

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2017
Date of Document: 
Monday, February 27, 2017

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