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Sandbox can serve as a platform, such as testing new technologies blockchain

http://samy909news.blogspot.com/2017/01/sandbox-can-serve-as-platform-such-as.html


With over 12,000 new FINTECH companies over $ 19 billion worldwide attracting investment, it is a wave of innovative new "public" witnesses that redefine the contours of financial services industry technology. You will not only bring the paradigm shift through new introduction-oriented innovation models, but also create economic prosperity and have developed new engines of growth.
It is expected that the global FinTech sector will grow 7.1% to reach $ 45 million by 2020 in India, the Fintech market totaled ~ $ 8 billion and is expected to 1.7 times the year 2020 grow. Of one of the world's leading financial centers Innovation India needs by supporting disruptive innovation by a suitable legal framework to establish a conducive ecosystem.
Today, the financial industry must overcome a coherent framework innovation barriers. This framework will also ensure that the risks of new innovative testing solutions are not transferred from the company to the customer.
The introduction of the "World Arena Regulatory Box" is a step in the right direction, welcomed the innovation that drive by fintechs. Regulatory Arena Box is a "safe space" where companies can test innovative products, services, business and operating models without Have all the usual regulatory consequences to deal with once.
In Great Britain, the Financial Conduct Authority (FCA) was introduced in the "first sandbox Innovation Project" in the world for financial supervisors. This was followed by the introduction of the sandbox Securities and Investments Australia Commission (ASIC), and other proposals Monetary Authority of Singapore (MAS) and Financial Services Regulatory Authority Abu Dhabi (FSRA). Recently the United States has a project introduced an "Office of Financial Services to develop innovation," internal where companies can test new innovations. Hong Kong has, among other things, a breed member known to the regulator regime introducing "sandbox" of technological innovations in the financial markets in the banking sector.
In India, modeled after the sandbox scheme there is a pressing need to create a favorable ecosystem that encourages competition and innovation in financial services.
First, innovation is catalyzed by the introduction of innovative test environment solutions. Many innovations in the initial phase are discarded and not analyzed because of concern of the regulation. The new framework will help businesses exploit and regulatory risks dominate in the testing phase in more solutions resulting in the market. An example of this are the emerging technologies of today's distributed block chain or Ledger Technology (DLT), which promises massive disruption of back-office systems and bars. It is estimated that chain blocking will potentially eliminate most of the $ 20 million in infrastructure costs in the financial sector in the year 2022
Secondly, existing institutions and banks will be allowed to experiment and provide rapid innovation with capital. This bandwidth can not necessarily routing and capital are achieved, and instead focus institutions on their core business and innovations to help resources on the same computer.
Third, the vision of our prime minister to strengthen the financial participation and less effective foundation companies futuristic India FINTECH to promote sophisticated technology. Recent initiatives such as UPT FinTech, electronic purse, transfer USSD, eKYC, P2P loans shift the scenario to the financial inclusion of the use of technology. With more than 233 million people still without express bank account under the umbrella of financial inclusion, the regulation sandbox to assist private sector efforts to accentuate government efforts such as JAM Trinidad and DBT supplement.
Fourthly, the soil is prepared to facilitate the financing of innovation in the financial markets. FINTECH companies rely on mainly implement capital funds of innovative ideas at an early stage. Regulatory uncertainty and confusion tend to hamper the growth of these companies as they have more difficulty raising funds. They also evaluate investors to accept lower ratings to take into account possible future regulatory risks that can not be opinion empirically. Be reduced by 15% due to the precariousness of regulation observed in life sciences and other industries, assessments.
In addition to the creation of the regulatory testing area, the private sector can play its role in achieving solutions that offer more flexibility. One of these initiatives could Sandbox, can be a virtual cloud-based collaboration across the industry, which can be used to run tests of integration of public records and new customer load services to try to solve.
The next wave of growth, and more importantly, would be equitable growth come from the development of innovative FinTech companies based on the principles of hub (creativity innovation and entrepreneurship). The regulatory arena start box can go a long way, which ideas the new era of India turning FinTech into reality, to feed with the potential of only national aspirations to ensure that not, but also the world of the 21st century.
The author is the founder, president and CEO of Bank Sim.

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