Kathmandu. Nepal Rastra Bank (NRB) is going to implement the concept of regulatory sandbox in Nepal to promote the use of digital technology in financial services.
Nepal Rastra Bank (NRB) has released the draft ‘Guidelines on the Regulatory Sandbox’ and sought suggestions from stakeholders.
According to the guidelines issued by the Rastra Bank, fintech companies providing financial services through information technology can test the latest products within a certain time and standard under the supervision of the Rastra Bank.
After the implementation of this directive, along with banks and financial institutions providing services through digital means, fintech companies will also open the way for testing and using new services and technology in the field of customer identification, payment service, rapid application processing, etc.
A company that provides financial services through a combination of financial services and information technology is identified as a fintech company.
After successful testing of the service, full approval will have to be obtained from Nepal Rastra Bank and other concerned agencies.
Nepal Rastra Bank licensed banks, financial institutions, digital payment service providers, payment system operators, remittance service providers as well as fintech companies involved in the field of innovative financial technology will also be able to participate in it.
Rastra Bank has products such as digital currency, cryptocurrency, central bank’s digital currency, online betting and gaming.
