European Association for Business and Commerce
Digital Big Bang Thailand: Regulatory Sandbox Workshop
As part of the four day Digital Big Bang Thailand event (21-24 September) a Regulatory Sandbox Workshop was held on 22 September, moderated by Mr Bob Fox (chair, EABC Digital Economy / ICT Working Group). The workshop covered how regulatory sandboxes work, experience elsewhere (including Europe) with fintech sandboxes, how fintech development and licensing are promoted and regulated, as well as looking at fundamental issues about innovation. Representatives of the Bank of Thailand and the government of Estonia were on the panel.
Bank of Thailand (Financial Technology Dept) launched Fintech Sandbox Guidelines in December 2016; so far there are 12 participants. There are no foreign equity limits, although limits may apply to activity of a sandbox graduate. A draft Fintech law (on which the EABC Working Group has deliberated) is to establish a Board to play an industry development role.
Although with no sandboxes launched yet, Estonia is regarded as the world leader in eGoverment. The whole-of-government architecture means that all agencies are interconnected so that citizens and other users have a ‘one stop’ kind of experience. Estonia’s eGov experience is sought after.
The event has also provided EABC with good follow up. Getting the model right so that fintech (and other ‘nexttech’ areas) can play a role through not only adding innovation with new platforms, but in transforming the way individuals, SMEs and corporate can do business. The use cases for fintech are wide.
In the photo: Ms Wijitleka Marome, Assistant Director, Financial Technology Department, Bank of Thailand, Mr Bob Fox Chair, EABC/JFCCT Digital Economy / ICT Working Group; Mr Mikk Vainik, Policy expert, Ministry of Economic Affairs & Communication, Estonia.