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The Financial and Capital Market Commission (FCMC) has established a new virtual information environment Innovations Sandbox, which will provide the opportunity to get information from a single source, to learn about innovation-related developments and the opportunities opened up by them in the Latvian financial sector, to clear important practical FinTech related issues and to contact the FCMC experts directly.
The information environment Innovations Sandbox is aimed at would be and existing developers and providers of innovation services to enable them to get as broad, objective and clear a view as possible about the current regulatory framework and the requirements for obtaining a licence or registration from a single source. Moreover, the FCMC will use this site to provide answers to important questions frequently asked to our experts regarding the opportunities to provide innovative financial services in Latvia.
Gunta Razāne, FCMC Deputy Chairwoman: “Following the series of debates "FCMC Dialogue" successfully started this year, we concluded that promoting a common understanding of the concept of innovative financial services, definitions, opportunities opened up by them as well as the risks posed by them to the financial sector and the consumer, of which we are not aware of yet, was key. As a supervisor of the financial sector, the FCMC must find a balance between the regulatory requirements and consumer protection, while not discouraging the implementation of innovative ideas. That is why we have established Innovations Sandbox - to provide a practical contribution to the diversity of the opportunities in the financial sector as well as the efficiency of services. We hope that the FCMC’s new virtual environment Innovations Sandbox will serve as a platform for debates, which will facilitate a direct dialogue between the regulator and the market players willing to implement innovative solutions in providing financial services. The FCMC is of the view that the financial market participants already operating in Latvia as well as the new entrants have all the opportunities to develop globally competitive, top-quality, customer-appealing, and advanced services, thereby contributing to the development of the financial sector".
The virtual environment Innovations Sandbox provides information on the requirement for a licence/ permit to provide an innovative service, the explanations of legal requirements and on the possibilities for the interpretation thereof provided by the FCMC experts. Furthermore, the environment offers opinions and definitions related to innovative financial service solutions, as well as a direct communication with the FCMC experts. The information in Innovations Sandbox will be updated and expanded on a regular basis, consistently with the wishes of market participants and suggestions of the topics for further debates.
The new virtual environment is available on the FCMC website www.fktk.lv, click on the banner "FCMC Innovations Sandbox".