A sandbox allows financial institutions (FI) to test their products, services or solutions in the market under a more relaxed regulatory environment but within a well-defined space and duration agreed with their regulators. In some jurisdictions, although sandboxes have not been established, regulators have nonetheless sought to put in place a supportive regulatory environment.
Baker McKenzie released an updated guide that provides an overview and comparison of the regulatory sandbox regimes internationally, covering the Asia Pacific, EMEA, and Americas regions. A number of jurisdictions such as Belgium, the Philippines and South Africa have quasi/bespoke sandboxes, while Argentina and Germany have no formal sandbox.
You can read the full report, which provides details for 18 jurisdictions and the Global Financial Innovation Network.