Podcasts about regulatory sandbox

Bitcoin is down 1% at $58,189 Eth is down half a percent at $2,615 Binance Coin, down 1% at $504 Thailand SEC launches regulatory sandbox for crypto. Cosmos layer 1 Canto experiences outage Marathon digital to offer $250M in notes for BTC buying. Harris overtakes Trump on Polymarket. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Mohammed Alhamali, is Chairman of the National Innovation & Regulatory Sandbox Committee, And Chief Innovation Officer & Regulatory Sandbox, SEHA Virtual Hospital & Enablement Centre, Ministry of Health, Saudi Arabia (https://www.moh.gov.sa/). Dr. Alhamali is also Cofounder / General Manager of the Society of Artificial Intelligence in Healthcare and has served as a Strategy Consultant for Health Sector Transformation Program (HSTP) and Director of Research & Development at the Model of Care Vision Realization Office 2030. Dr. Alhamali has a Bachelor of Medicine, Bachelor of Surgery - (MBBS, Dentistry), from King Saud University, and a Master of Science - (MS, Oral Biology and Oral and Maxillofacial Pathology) from UCLA. Support the show

Insurtech platform Ouch! started as a distribution platform for insurance products such as medical, motor, home, travel, and life, but has now moved away from that, atleast for now.Supported by their fully-subscribed six-figure pre-Series A round and previous RM1.5 million seed round in 2021, Ouch launched its first in-house product - a digital takaful product called Pusara Pro, marking its entry into the takaful market as the first digital takaful operator in Bank Negara Malaysia's Regulatory Sandbox.On this episode of Open for Business, you will hear about what inspired this venture, how they're going to compete with the sizable incumbents in the insurance space, and why they've decided to make their own in-house insurance products with CEO Shazy Noorazman.

Welcome to The Nonlinear Library, where we use Text-to-Speech software to convert the best writing from the Rationalist and EA communities into audio. This is: Proposals for the AI Regulatory Sandbox in Spain, published by Guillem Bas on April 27, 2023 on The Effective Altruism Forum. Translated by Daniela Tiznado. Summary: The European Union is designing a regulatory framework for artificial intelligence (AI) that could be approved by the end of 2023. This regulation prohibits unacceptable practices and stipulates requirements for AI systems in critical sectors. These obligations consist of a risk management system, a quality management system, and post-market monitoring. The legislation enforcement will be tested for the first time in Spain, in a regulatory sandbox of approximately three years. This will be a great opportunity to prepare the national ecosystem and influence the development of AI governance internationally. In this context, we present several policies to consider, including third-party auditing, the detection and evaluation of frontier AI models, red teaming exercises, and creating an incident database. Introduction Everything indicates that the European Union will become the first major political entity to approve a comprehensive regulatory framework for artificial intelligence (AI). On April 21, 2021, The European Commission presented the Regulation laying down harmonised rules on AI –henceforth AI Act or Act–. This legislative proposal covers all types of AI systems in all sectors except the military, making it the most ambitious plan to regulate AI. As we will explain below, Spain will lead the implementation of this regulation in the context of a testing ground or sandbox. This is an opportunity for the Spanish Government to contribute to establishing good auditing and regulatory practices that can be adopted by other member states. This article is divided into six sections. Firstly, we provide a brief history of the Act. The second part summarizes the legislative proposal of the European Commission. The third section details the first sandbox of this regulation, carried out in Spain. The fourth lists the public bodies involved in the testing environment. The fifth part explains the relevance of this exercise. Finally, we present proposals to improve the governance of risks associated with AI in this context. We conclude that this project provides an excellent opportunity to develop a culture of responsible AI and determine the effectiveness of various policies. Brief History of the Act The foundations of the text date back to 2020, when the European Commission published the White Paper on Artificial Intelligence. This was the beginning of a consultation process and a subsequent roadmap that involved the participation of hundreds of stakeholders, resulting in the aforementioned proposal. After its publication, the Commission received feedback from 304 actors and initiated a review process involving the European Parliament and the Council of the European Union as legislative bodies. In December 2022, the Council adopted a common approach. In the case of the Parliament, the vote to agree on a joint position is scheduled for May (Bertuzzi, 2023). The trilogue will begin immediately afterward, and the final version could be approved by the end of 2023, entering into force at the beginning of 2024. Summary of the Act The main starting point of the proposed law is the classification of AI systems according to the level of risk they entail. Specifically, the proposal is based on a hierarchy distinguishing between unacceptable, high, limited, and minimal risks. The first two are the main focus of the regulation. As part of the category of unacceptable risks, practices that pose a clear threat to the safety, livelihoods, and rights of people will be banned. Currently, three practices have been deemed unacceptable as they go against European values: distorting human behavior to cause harm; evaluating and classi...

Welcome to "AI Lawyer Talking Tech," your daily source for legal technology news. In today's episode, we'll be discussing the challenges of defining and applying copyright law in the age of AI technology. We'll explore the notion of a regulatory sandbox and how it can potentially help innovators test new technologies like AI and blockchain without being hindered by existing state laws and regulations. We'll also discuss how a new fintech regulatory sandbox in North Carolina and other similar initiatives could serve as a model for broader sandboxes covering various industries. Join us as we dive into these topics and more on today's episode of "AI Lawyer Talking Tech." The AI Revolution Is Upon Us, Whether or Not Our Copyright Laws Are Ready for It Date: 30 Mar 2023Source: New York Observer Tech innovation tested in regulatory sandbox Date: 30 Mar 2023Source: ExBulletin Fisher-Phillips' Jennifer Mendez Honored as Influential Woman in Law and Technology by ILTA Date: 30 Mar 2023Source: ExBulletin ABA and vLex join to offer ABA Antitrust Law Section content on the award-winning vLex platform Date: 29 Mar 2023Source: LexBlog Judge rules that MSG can still use facial recognition to ban lawyers Date: 29 Mar 2023Source: Fox 5 New York Fun and Tips Abound at the 2023 Oklahoma Bar Association Solo & Small Firm Conference Date: 29 Mar 2023Source: LexBlog Taking the pulse of legal CIOs: What are their top technology priorities for 2023? Law firm CIOs are helping their firms understand and embrace technologies to drive better insights, support more data-informed decision making, enable modern collaboration, Date: 29 Mar 2023Source: Intapp Revolutionizing Legal Technology Design with T&P Studios' Nicole Bradick (TGIR Ep. 195) Date: 29 Mar 2023Source: 3 Geeks and a Law Blog The Role of Artificial Intelligence in Environmental Law Enforcement and Decision-Making Date: 30 Mar 2023Source: Legaltech on Medium Using Virtual Reality (VR) to Enhance Client Consultations (Felipe Alexandre – AG Immigration Law) Date: 30 Mar 2023Source: Technically Legal - A Legal Technology and Innovation Podcast Legal Design Research: 3 Key factors to consider. Date: 30 Mar 2023Source: Legaltech on Medium Africa leads the way for Artificial Intelligence in legal practice Date: 30 Mar 2023Source: Legal Technology News - Legal IT Professionals | Everything legal technology The End of TikTok? Date: 30 Mar 2023Source: Richmond Journal of Law and Technology Understanding the CCB's First Two Final Determinations (Guest Blog Post–Part 3 of 3) Date: 29 Mar 2023Source: Technology & Marketing Law Blog Rulemaking at the US Patent Office: Does Director Guidance On Discretionary Denials of Review Require Opportunity for Public Comment? Date: 29 Mar 2023Source: Global IP & Technology Law Blog Podcast: Charting Change in Legal with Caroline Hill and Ari Kaplan Date: 29 Mar 2023Source: Legal IT Insider UK Government's new AI white paper confirms sector-by-sector approach to regulation Date: 29 Mar 2023Source: Legal IT Insider Slaughter and May pilots AI transcription tool JUST: Access Date: 29 Mar 2023Source: Legal IT Insider Law Firm Heidell Pittoni Fined $200K by New York AG for Poor Security Date: 29 Mar 2023Source: Sensei Enterprises, Inc. ESI Protocol Checklist For Collaboration Data Date: 29 Mar 2023Source: Hanzo Blog Tech leaders call for an end to AI labs race and a six-month pause on training of AI systems above GPT-4 Date: 29 Mar 2023Source: Legal IT Insider Registration for CodeX Future Law is Open Date: 29 Mar 2023Source: Legal Tech Blog Legal Innovators California Profiles: Matthew Beekhuizen – Greenberg TraurigDate: 29 Mar 2023Source: Artificial Lawyer

Utah adopted a first-in-the-country regulatory sandbox to address needs of entrepreneurs and get businesses up and running with a big, temporary reprieve from government red tape. So how is it going? Connor Boyack of the Libertas Institute discusses the power of the sandbox to submit existing regulation to greater scrutiny. Hosted on Acast. See acast.com/privacy for more information.

10.00 ข่าวราชมงคล // ธปท.เดินหน้าพัฒนานวัตกรรมและส่งเสริมการนำเทคโนโลยีใหม่ ในบริการทางการเงิน ผ่านกลไก Regulatory Sandbox รวมแล้วกว่า 38 โครงการ

Drop 1: PointsKash brings Blockchain to Loyalty programs https://www.refreshmiami.com/got-loyalty-points-blockchain-based-pointskash-can-help-you-make-the-most-of-them/ Drop 2: Yen stablecoin consortium https://cointelegraph.com/news/japanese-megabanks-join-consortium-launching-yen-based-digital-currency Drop 3: Sandbox Regulatório BCB https://www.blocknews.com.br/regulacao/banco-central-divulga-os-sete-projetos-escolhidos-para-seu-sandbox-regulatorio/ .. and more: Ethereum the movie https://thedefiant.io/the-infinite-machine-movie-nfts-funding/ 1B bond El Salvador https://blog.blockstream.com/el-salvador-to-issue-1b-in-tokenized-bonds-on-the-liquid-network/ IMF scolds El Salvador https://news.bitcoin.com/imf-warns-el-salvador-against-using-bitcoin-as-legal-tender-bitcoin-city/ MeLi com Bitcoin https://livecoins.com.br/mercado-livre-abraca-o-bitcoin-e-entra-de-vez-no-mercado-de-criptomoedas/ O'Dell Beckham Jr bitcoin salary https://exame.com/future-of-money/na-nfl-beckham-jr-vai-receber-salario-e-distribuir-us1-milhao-em-bitcoin/ The Sandbox Alpha Metaverse https://brasilnft.art.br/metaverso-alpha-de-the-sandbox-sera-lancado-em-29-de-novembro/ Seoul Metaverse https://www.euronews.com/next/amp/2021/11/10/seoul-to-become-the-first-city-to-enter-the-metaverse-what-will-it-look-like NFL Roblox Metaverse https://venturebeat.com/2021/11/23/melon-and-the-nfl-launch-roblox-metaverse-experience-and-virtual-merch/ Nike Roblox Metaverse https://brasilnft.art.br/nike-cria-seu-proprio-metaverso-nikeland-na-plataforma-roblox/ Amasa + Planetarium https://amasa.medium.com/amasa-partners-with-planetarium-nine-chronicles-5182e7ae5f20 Niantic gets 300M for real world metaverse https://techcrunch.com/2021/11/22/niantic-raises-300m-at-a-9b-valuation-to-build-the-real-world-metaverse/ Illuvium guild raises 2M https://cointelegraph.com/news/rpg-adventure-game-illuvium-boosted-by-2m-gaming-guild-fundraise Socials Embed Solana NFTs with Audius https://cointelegraph.com/news/twitter-discord-to-support-solana-nft-gallery-embed-with-audius-web-3-0 Vogue NFT https://www.glossy.co/fashion/nfts-bring-fashion-media-into-the-metaverse-age/ Grayscale report: MV 1 trillion market https://www.coindesk.com/business/2021/11/25/grayscale-says-metaverse-is-a-trillion-dollar-market-opportunity/ NFT Collins' word of the year https://f5.folha.uol.com.br/voceviu/2021/11/nft-e-eleita-palavra-do-ano-pelo-dicionario-collins-veja-top-10.shtml Onjuno payrolls into ENS .eth address https://onjuno.com/blog/get-your-paycheck-sent-directly-to-your-ENS-address Australia retirement fund goes crypto https://cointelegraph.com/news/australia-s-rest-super-retirement-fund-to-invest-in-crypto-for-its-1-8m-members JPM hiring engineers https://www.coindesk.com/business/2021/11/24/jp-morgan-hiring-software-engineers-for-collateral-blockchain-tokenization/ EU payment framework https://thepaypers.com/online-payments/eurosystem-changes-framework-for-electronic-payments--1252986 FED, OCC, FDIC crypto-assets roadmap https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20211123a1.pdf Educação sobre Blockchain em Pernambuco https://brasilnft.art.br/pernambuco-pode-colocar-blockchain-em-plano-estadual-de-educacao/ --- Send in a voice message: https://anchor.fm/blockdropspodcast/message

wow the concept of a Regulatory Sandbox is very new and emergent concept. So let’s briefly talk about it and you’ll be up to speed!

Regulation has the potential to stop new business before it starts. What if it didn't? Connor Boyack of the Libertas Institute details "the regulatory sandbox" experiment in Utah. See acast.com/privacy for privacy and opt-out information.

The "regulatory sandbox" in Utah is a leading example of innovation to promote innovation - and justice. On this episode of The Future Law Podcast, host Mike Madison talks with two of the key leaders of the Utah legal community, state Supreme Court Justice Deno Himonas and former Utah bar president John Lund, about how the sandbox came about and what it promises to do. Links: The Office of Legal Services Innovation of the Utah Supreme Court Justice Constandinos ("Deno") Himonas John Lund, at Parsons, Behle & Latimer See omnystudio.com/listener for privacy information.

In this episode of Tech Intersect, I share my testimony summary from PA State Rep. Napoleon Nelson's July 19th House Democratic Policy Committee hearing "Blockchain and Cryptocurrency and preparing Pennsylvania for a digital future." The Committee was short on time and I wasn't able to deliver my full prepared remarks so I'd like to take the opportunity to do that in this episode. The full hearing replay and my written testimony are linked below.I commend Rep. Nelson for convening this hearing to explore the potential benefits, challenges, and drawbacks of integrating blockchain technology and crypto assets into the public, private and charitable sectors of the Commonwealth and welcoming blockchain-based and crypto startups to the Commonwealth. It is essential for government officials to identify and to consider the myriad local, national, and international policy issues associated with achieving the optimal balance between cultivating a robust, competitive and transparent regulatory environment that also supports and encourages innovation in this fast-paced digital world. This is particularly important at this moment in history as we emerge from the economic ravages of the pandemic, especially for those citizens historically and systemically marginalized and disenfranchised in the current financial and technology sectors. SPONSORED BY ADVANTAGE EVANS™ ACADEMY Embark on a 3-day intimate (Aug 13-15), workshop-style course that includes live coaching, well-curated content and an Accreditable digital certificate of mastery so you can upskill in the competitive workforce with credentials that set you apart from the pack in the new economy. Regulation is an essential component of a healthy, thriving crypto ecosystem. And the legal implications of crypto, DeFi and NFTs sometimes seem as volatile and unpredictable as the price of Bitcoin. And speaking of Bitcoin, it will likely be the world reserve currency at some point, and will certainly be a national reserve to some countries. So building your digital cash wealth on a solid legal foundation is critical to creating and cultivating sustainable generational wealth with crypto assets. This course helps you make it all make sense so that you can buy, create and leverage crypto assets in a compliant and confident way.Limited enrollment. Join the waitlist: https://bit.ly/decodewaitlistHearing Replay and  Submitted Testimony: https://proftonyaevans.com/2021/07/19/prof-evans-testifies-before-the-pa-house-democratic-committee-testimony-download-included/ Contact:Questions and requests: hello@techintersectpodcast.com Follow: Twitter @AtTechIntersect | Instagram @TechIntersect Web: Tech Intersect Podcast  Connect for exclusive content: http://eepurl.com/gKqDyP Rapternal Music (Regulate and The Rabbit Hole) by Notty Productions is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.Produced by Tonya M. Evans for FYOS Entertainment, LLC, and Stephanie Renee for Soul Sanctuary, Inc.Support the show (https://tinyurl.com/techintersectvip)

รู้กฎหมาย - Regulatory Sandbox by PSU Broadcast FM88 MHz

Today’s episode features the story of a family self-represented litigant, who was originally represented by two different lawyers. She spent $20,000 on her first lawyer – resolving an uncontentious custody issue – but made no progress toward child support or division of assets. The second lawyer cost her another $25,000 – and still didn’t resolve child support, division of assets, or divorce. Her best efforts to obtain any information about what her money had been spent on, or to hold her lawyers to account via their professional regulator (the Law Society of Ontario) led… nowhere. Jana Saracevic and Nancy Cameron Q.C. comment. Among other things, this story illustrates the shortcomings of the Law Society of Ontario’s Compensation Fund, which offers no protection for many forms of negligence, only dishonesty, which is narrowly defined. There are no public reports describing how many claims are received and how many are met. In Other News: Guest Other News Correspondent Jordan Furlong focuses today on breaking news from the Law Society of Ontario: The Law Society’s Technology Task Force has released a report calling for the establishment of a Regulatory Sandbox for Innovative Technological Legal Services. (A Regulatory Sandbox is essentially a safe space for innovation, to try out new types of services that are prohibited by current regulations but look like they could be beneficial to the public.) The report includes a motion to be brought before Convocation later this month for approval of the Sandbox for a five-year pilot-program period. For related links and more on this episode visit our website: https://representingyourselfcanada.com/what-is-my-lawyer-spending-my-money-on/ Jumping Off the Ivory Tower is produced and hosted by Julie Macfarlane and Dayna Cornwall; production and editing by Brauntë Petric; Other News produced and hosted by Jordan Furlong; promotion by Moya McAlister and the NSRLP team.

The COVID-19 pandemic and lockdowns have severely impacted business across America. But the state of Utah recently passed legislation to give businesses a major break from coronavirus regulations. Join James Czerniawksi, Policy Analyst for Tech & Innovation at Libertas, and Jonathon Hauenschild, Director of the ALEC Communications and Technology Task Force, as they discuss how state lawmakers can use regulatory sandboxes to spur innovation and growth. James Czerniawksi Profile: https://libertas.org/about/staff/ Jonathon Hauenschild Profile: https://www.alec.org/person/jonathon-hauenschild/

Disruption comes slowly to medicine.  And that's a good thing. Since the ethos of the profession is "First, do no harm", it makes sense that safety and efficacy are prioritized over rapid innovation. But innovation does happen, and the Japanese government is working to make sure it happens faster. Today we sit down with Taro Ueno of Susmed and talk about the challenges and tradeoffs in innovative medicine. We talk about why he left medical research for entrepreneurship, and how iPhone apps and blockchain are being used clinically in Japan. And in both cases, I assure you, it's not what you think. It's a great conversation, and I think you'll enjoy it. Show Notes Why leave medical practice to start a startup Why Japan just can't fall asleep Why Japan over-prescribes sleeping pills and other drugs Why it's very hard to get apps approved as medical devices in Japan The reason so few medical apps have been approved in Japan The importance ofJapan's regulatory sandbox How blockchain is actually helpful in clinical trials What kinds of medical apps are we most likely to see first on mobile phones? Why so few apps have been approved and why that might be changing Links from the Founder Everything you ever wanted to know about Susmed Connect with Taro on LinkedIn Transcript Welcome to Disrupting Japan, straight talk from Japan's most successful entrepreneurs.  I'm Tim Romero and thanks for joining me. Today, you're going to learn about how to make money in blockchain. No, no, no, it's not like that, it's not what you think. Today, we're going to sit down with Taro Ueno of Susmed, and we'll talk about how Japan's new regulatory sandbox has enabled his startup to get approval for their blockchain-based platform for clinical trials. The platform prevents trial results from being changed after they've been recorded, which as Taro will explain, has been a real problem in Japan. Taro is also a medical doctor and a PhD, and he's developed an insomnia app that he is in the process of getting approved as a medical device. We talk about the challenges of getting mobile apps approved for clinical use in Japan, why this technology is so frustratingly slowed to come to market, and why people in Japan just can't seem to fall asleep. But you know, Taro tells that story much better than I can, so let's get right to the interview. Interview Tim: So, I'm sitting here with Taro Ueno of Susmed, and thanks for sitting down with me today. Taro: Thank you. Tim: Now, Susmed is an app-based solution for insomnia and you also make a platform to improve clinical trials, but you can probably explain Susmed much better than I can, so tell me a bit about the company. Taro: Susmed stands for 'Sustainable Medicine.' This is our vision and we are developing digital therapeutics using smartphone apps, and we are now developing several apps for diseases like insomnia and cancer, and so on. Tim: Tell me a bit about your customers, so are these apps designed for doctors to use in a clinical setting? Are they designed for consumers to use on their own? Taro: Doctors prescribe this app for insomnia patients. This is alternative for treating patients Tim: Before we dive into everything that's going on with medical technology in Japan, I want to ask a little bit about you. You got your MD and then your PhD, what drove you to startup after that? I mean, you put a tremendous amount of work into becoming a doctor. Taro: Yeah, I agree. Yes, as you mentioned, I have a background of medical doctor and especially in psychiatry. I got PhD in basic research over sleep medicine. I have seen so many patients with overprescription with sleeping pills. That's why I try to develop DTx for insomnia patients. Tim: I mean, I find that fascinating, the ability to develop software for an app gave you greater ability to help people than practicing medicine or research?

Ivo Jenik, Senior Financial Sector Specialist at the Consultative Group to Assist the Poor (CGAP) talks to TC about the objectives of a regulatory sandbox, and how to design and implement a sandbox.

Here are the top cryptocurrency news headlines from India this week:Bitcoin crosses the $24,000 mark: https://www.coindesk.com/bitcoin-briefly-tops-24k-setting-new-all-time-high ;Crypto excluded again from the second cohort of RBI’s regulatory sandbox: rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=1161 ;CoinDCX set to launch Liquid ETH-backed token for users: https://cryptodost.io/exchange/coindcx-set-to-launch-liquid-eth-backed-token-for-users-partners-with-us-based-staked-to-provide-staking-services.html ;WazirX lists XRP and YFI in its WRX market and Metal in its USDT market; Bitbns exchange lists ORO in its INR market;Unocoin celebrates its seventh birthday

How did FutureFlow (a start-up business)  win the confidence of the United Kingdom's ICO's regulatory sandbox to enable its anti-money laundering service to be ready for the market and also protect personal data?Share the inside story of how FutureFlow has developed its software with the cooperation of major financial institutions and the financial regulatory authorities to track the flow of money in the international monetary system. FutureFlow's objective is to be transformative for society by combating multi-billion dollar money laundering, and to enable personal data to be retained by the individual bank while sharing suspicious transactions with the authorities. We show how the ICO was helped in its work by close cooperation with the Financial Conduct Authority. This narrative has an international dimension, as the fight against money laundering does not stop at national borders. If your company is doing something daring with personal data, but you are willing to have your positions challenged by exploring the boundaries of data protection law, this podcast will help you to move forwards to achieve a win-win in both commercial and regulatory terms.We talk to the founder of FutureFlow and the head of regulatory assurance at the UK Regulator. Find out how both sides have benefited and learned from their experience of this one year ICO regulatory sandbox programme.Participants:Chris Taylor, Head of Assurance (Supervision), Information Commissioner's OfficeVadim Sobolevski, Co-Founder, FutureFlowHelena Wootton, Correspondent and Data Lawyer, Privacy Laws & BusinessStewart Dresner, Chief Executive, Privacy Laws & BusinessSee Privacy Paths episode 6 for the first podcast on the ICO's regulatory sandbox.If you are interested in applying for the ICO's Regulatory Sandbox, you can find more information on their website.

Innovation and privacy are often regarded as incompatible. They were brought together for mutual advantage in the United Kingdom's ICO's regulatory sandbox. Onfido, which provides proof of identity using facial recognition, has now emerged from the sandbox in its first cohort. We discuss with Onfido's Director of Privacy and the ICO's Head of Assurance how they assessed the risks and took the plunge. Find out how both sides have benefited and learned from their experience of this one year programme. Participants: Chris Taylor, Head of Assurance (Supervision), Information Commissioner's Office Neal Cohen, Director of Privacy, Onfido Helena Wootton, Correspondent and Data Lawyer, Privacy Laws & Business Stewart Dresner, Chief Executive, Privacy Laws & Business The article on Onfido's rationale for entering the sandbox, published in the September 2019 edition of Privacy Laws & Business United Kingdom Report is available free of charge by e-mailing info@privacylaws.com. If you're interested in applying for the ICO's Regulatory Sandbox, you can find more information on their website.

Today’s episode features Lucy Ricca and John Lund of the Utah Implementation Task Force on Regulatory Reform. The Task Force is taking a data-driven, risk-oriented approach that also allows for new innovative models to be tried out in a controlled Regulatory Sandbox.

Mit September startet in Österreich die Regulatory Sandbox. Ein Modell das Innovationen von Finanzdienstleistern fördern und den Standort Österreich stärken soll. Immerhin werden FinTechs oft als die "junge Konkurrenz der Finanzbranche" bezeichnet und scheinen besonders zukunftsfähig zu sein. Aber wie sieht die österreichische Version der Sandbox aus und bedarf es noch Verbesserungen? Andreas Zahradnik, DORDA-Partner und Leiter der Praxisgruppe Bank- und Finanzrecht, sowie DORDA-Rechtsanwalt und FinTech-Experte Christian Schöller erklären das österreichische Modell im Gespräch mit Jacqueline Reich.

台灣從去年開始開放了金融監理沙盒，讓新創業者在法規上似乎看到一線曙光，實際申請的內容都在做什麼呢？就讓我們來回顧一下吧。 FinTech Entrepreneur 馬克解讀金融科技 - 粉絲團 https://www.facebook.com/MarkReadFintech

iSTOX is flipping the idea of traditional investing on its head by using distributed ledger technology to connect buyers and sellers. Manuel Jaegar, Head of Product, iSTOX shares more about how iSTOX is bridging certain gaps in the capital markets.

Assylbek Davletov, Chief FinTech officer, AFSA (Astana Financial Services Authority), on the Fintech framework and regulatory sandbox, fostering innovation from Nursultan to the world. Recorded at the Astana Finance Days, in Nur-Sultan.---The information contained in this podcast is intended for discussion purposes only. It is not a recommendation, offer, or a solicitation for the purchase or sale of a security or any services of Motive Partners. All investing involves risk and there is no guarantee that past performance will be indicative of future results.The views and opinions expressed in the podcast are as of the date of recording, reflect the views and opinions of the persons expressing them, and do not necessarily represent the views or opinions of Motive Partners. Motive Partners makes no representations or warranties as to the accuracy, reliability or completeness of any information provided and undertakes no obligation to update, amend, or clarify the information in the podcast, whether as a result of new information, future events, or otherwise. Any securities, transactions, or holdings discussed may not represent investments made by Motive Partners. It should not be assumed that securities, transactions, or holdings discussed (if any) were or will be profitable, or that the recommendations or decisions made in the future will be similar or will equal the performance of the securities, transactions, or holdings discussed herein.This podcast may contain forward-looking statements that are based on beliefs, assumptions, current expectations, estimates, and projections about the financial industry, the economy, Motive Partners or Motive Partners' investments. Nothing in the podcast should be construed or relied upon as investment, legal, accounting, tax or other professional advice or in connection with any offer or sale of securities.

Utah is now taking applications for its new regulatory sandbox program.  In this podcast, we interview Rep. Marc Roberts, the sponsor of the bill that created the program, and Bryan Cowley, the Utah regulator who will oversee the program’s administration. Topics discussed include the bill’s history and objectives, implementation plans, reciprocity with other sandbox programs, the physical location requirement, confidentiality of applicant information, and liability exposure.

As novas tecnologias estão criando modelos de negócio que exigem novos modelos de regulamentação.

Here are the top cryptocurrency news headlines from India this week:NASSCOM urges RBI to include cryptocurrencies in its regulatory sandbox: https://cryptodost.io/india/nasscom-wants-rbi-to-include-crypto-in-regulatory-sandbox.html ;WazirX releases new version of its Android app;Bitbns introduces 4x leverage for margin trading: https://medium.com/bitbns/now-avail-3x-leverage-on-margin-trading-90020da755 ;New announcements from Koinex regarding crypto deposits and withdrawals.

Here are the top cryptocurrency news headlines from India this week:RBI leaves out the cryptocurrency industry from its regulatory sandbox framework: https://cryptodost.io/news/rbis-regulatory-sandbox-does-not-have-a-place-for-cryptocurrency-startups.html ;Coinbase launches crypto to crypto trading in India: https://cryptodost.io/news/coinbase-launches-crypto-to-trading-in-india-and-10-more-countries.html ;Indian banks consider use of blockchain technology to boost payments: https://cryptodost.io/news/indian-banks-considering-blockchain-technology-to-boost-payments.html ;Unocoin exchange lays off half its staff: https://cryptodost.io/news/unocoin-has-laid-off-half-its-staff-signs-of-trouble-at-the-exchange.html

Two of today's topics shriek "I Told You So!?". But let us describe them all: * Why RBI Finally Coming Around a Regulatory Sandbox is Good News! * The US Yield Curve is Inverted, Again. * Why Oprah Shouted "Apple!" this Week?

If the two-sided toaster revolutionized breakfast, blockchain will revolutionize ... well, you name it. Blockchain has such wide implications for information technology that one trade group is urging Congress to create what it calls a regulatory sandbox for the system. David Logsdon, senior director of public advocacy at CompTIA, joined Federal Drive with Tom Temin for more. https://www.comptia.org/events/view/harnessing-the-blockchain-revolution

This is the most unique, and the most consequential, show we’ve ever done. If our thousands of listeners all think about it and especially if you share it widely, it has the most potential to actually change the financial regulatory world for the better and also in turn, therefore, to improve the financial world, too. It goes right into the heart of the most important work, being done by the most innovative people, on redesigning regulation for the digital age. My guests are Chris Woolard and Nick Cook of the UK’s Financial Conduct Authority. We sat down to record it on the last night of their enormous, ambitious, mold-breaking tech sprint held in London a few weeks ago. This regtech sprint, the fifth one they’ve done, focused on how to use new technology to combat financial crime. The sprints -- which are hackathons -- play a dual role, both sparking new ideas on specific regulatory challenges and also innovating in regulatory process, itself. I’ll set the scene for you. It was a Thursday night, dinner time, in the London offices of EY, in the Canary Wharf section of the city on the Thames, just a few blocks from the FCA’s building. EY generously offered their beautiful training facility for the sprint, because the FCA’s building is too small to hold the 400 people who were there by the end, or even the 260 who had been there for three days, working feverishly, day and night, to invent new solutions for money laundering. Those people had arrived on Tuesday morning and had self-formed into sixteen small teams, usually with total strangers, in a format mixing organizations and most importantly, mixing knowledge and skill types. Regulatory experts and AML experts and lawyers had worked elbow-to-elbow with tech experts, brainstorming ideas together and then translating these, live, into computer code, using test data provided by the participating tech companies. We sat down for this recording in a quiet conference room, just as the main gathering began to shift into post-conference socializing and bonding and celebrating over food and drink. It was one of those special moments where everyone feels elated and excited, and at the same time, completely drained. For me, as I think I say two or three times in this show, the sprint was the most fascinating and inspiring thing I’ve ever experienced. I hope that listening to it will inspire you to take up the FCA’s challenge to build on it in your own country and with your counterparts in other countries, and perhaps to take up their offer to help. People came to the sprint from all over the world, including, I’m especially happy to say, a substantial contingent of both regulators and financial companies from the United States (and also a new nonprofit, FinRegLab, with which I’m affiliated and which is building an empirical testing environment for regtech concepts in Washington). The FCA is at the forefront of a global regulatory awakening about the need to innovate regulatory models as technology increasingly outpaces the speed at which government can change. Its most famous innovation is its Regulatory Sandbox, which enables fintech innovation to be tested in a controlled experiment under the regulator’s close scrutiny and is being emulated throughout the world. Less well-known is their equally important innovation on the regtech side, for which they invented this creative new format, the regulator’s TechSprint.   Both the sandbox and the sprints have three key elements essential for regulatory innovation. First, they make collaboration happen, especially between the regulatory and tech worlds. Second, they enable very fast learning by the regulator, through direct, hands-on experience. And third, and most crucially, they use experimentation. They provide a safe space for trying things out, testing, learning, shaping -- quickly and cheaply. They apply the techniques that technology innovators figured out years ago, about the need to start small, try something, adjust as you learn, and if some ideas are going to fail, let them “fail fast” in a controlled setting where critical lessons can be learned early, and no harm can be done. These ideas are hard for people to grasp in the abstract, especially the notion that regulators need to get comfortable with learning through trial and error because there’s no other way to learn fast enough. I’m a former bank regulator and I know this idea is completely alien to regulatory culture and tradition, which have been designed, for good reason, to be careful and thorough and deliberate. A couple of years ago, a senior U.S. bank regulator told me that her agency had figured this out by spending time on the FCA’s website, reaching this epiphany that, the regulator doesn’t need to have all the answers -- even can’t have all the answers on tech change, before moving forward. It’s really the other way around. You have to move forward, to get to the answers. Chris and Nick describe the very same process -- as Chris calls it, the light bulb turning on, suddenly realizing it was riskier NOT to move, even though you’re not sure exactly what to do and what will happen. To me, the most interesting thing you’ll hear in this show is their voice as they describe this journey, the struggle toward creating a new way to work. Again, this was the fifth tech sprint. Be sure listen to my two earlier FCA shows, one with Chris that explains the FCA’s regulatory sandbox and one with Nick on regtech. The regtech one featured the breakthrough, two-week sprint held last November, successfully proving that regulatory reporting requirements could be updated directly, computer-to-computer, by issuing a rule change in the form of code, rather than words. That one was like a regulatory moonshot -- it could eventually change regulation, itself. This new sprint last month, by contrast, focused on the specific use case that’s most ripe for regtech transformation -- anti-money laundering. The UN estimates that there’s $1.6 - $2 trillion in annual global financial crime, and that we catch less than 1 percent -- despite spending tens of billions of dollars each year. And it’s getting worse. The criminals and terrorists today use sophisticated technology and operate as networks, while banks and governments use old technologies, with data trapped in silos. As Chris and Nick said, it will take a network, to beat a network. Chris also said that a million children are trafficked, each year. There’s a moment, in our conversation, where Nick says the sprint brings people to realizing that collectively, we can actually DO something about money laundering -- and you can hear the tone of excitement in his voice. For decades, we couldn’t really do much better, because we’ve had analog-era technology. Today we can use digitally-native tools. We can use them to fight crime and also to tackle nearly every other aspect of financial regulation -- all the areas where problems are so hard to solve. Financial inclusion. Consumer education. Preventing discrimination and predatory finance. Identity verification. Risk assessment. Financial reporting. New technology can make it all work better, and cost less, at the same time -- something that in the past was completely impossible. Believe it or not, I’m actually curbing my enthusiasm for this. This is the tamped down version. I think this is a regulatory revolution, beginning to move. Please listen to this episode, share it with everyone you know, and join in the dialogue. More on Chris Woolard Christopher Woolard is Executive Director of Strategy and Competition and an Executive Board Member of the Financial Conduct Authority. He’s responsible for policy, strategy, competition, market intelligence, consumer issues, the Chief Economist's department, communications and the Innovate initiative. He is chair of the FCA's Policy Steering Committee and a non-executive board member of the Payment Systems Regulator. Christopher joined the FCA in January 2013. Previously he was Group Director and Content Board member at Ofcom. He has spent most of his career in regulation or policy development including working at the BBC and in government as a senior civil servant. He is a Sloan Fellow of London Business School. More on Nick Cook Nick Cook leads the FCA’s RegTech activities, including the FCA’s TechSprint events - the first events of their kind convened by a financial regulator. He is responsible for creating the FCA’s Analytics Centre of Excellence to drive the organization’s use of data science, machine learning and artificial intelligence.  Nick is the FCA’s representative on the European Securities and Markets Authority’s (ESMA) Financial Innovation Standing Committee and an advisor to the RegTech for Regulators Accelerator Programme. Nick joined the Financial Services Authority (the FCA’s predecessor) in 2009, initially in its Enforcement and Market Oversight Division. Prior to joining the regulator, Nick qualified as a chartered accountant at KPMG Forensic. More for our listeners Full interview transcript. We have many more great podcasts in the queue. We’ll talk with another community bank CEO, Mike Butler of Radius Bank.  We’ll have two more episodes recorded this year at LendIt. One is a discussion of new research by LendUp and Experian, on credit reporting, and the other is with my friend Greg Kidd of Global ID.  We also recorded two episodes at last month’s Comply 2018 conference in New York, with two regtech firms -- Compliance.ai, which offers machine-readable regulatory compliance, and Alloy, which has high-tech solutions for meeting the Know-Your-Customer rules in AML. Speaking of LendIt, I’ll also be a guest on Peter Renton’s Lend Academy podcast, and he’ll be on our show soon as well, so watch for those. I’m also excited we’ll have several leading members of Congress on the show in the coming weeks. So, stay tuned! I hope to see you at upcoming speeches and events including: CFSI’s Emerge, this week in Los Angeles, CA North Dakota Bankers Convention, June 10-12, Fargo, ND American Bankers Association Regulatory Compliance Conference, June 26, Nashville, TN Money 2020, October in Las Vegas. Among other things, I’ll be speaking on the Revolution Stage about the regulation revolution Also, watch for upcoming information on my collaboration with Brett King on his new book on the future of finance -- we’ll have a show and events on that as well. If you listen to Barefoot Innovation on iTunes, please leave a five star rating on the show to help us build it. Also please remember to send in your “buck a show” to keep it going, and come to jsbarefoot.com for today’s show notes and to join our email list, so you’ll get the newest podcast, newsletter, and blog posts. As always, please follow me on Twitter and Facebook. And tell me what you’re thinking about digitizing regulation. Let’s widen this dialogue to more people, and more and more ideas! Support our Podcast Subscribe Sign up with your email address to receive news and updates. Email Address Sign Up We respect your privacy. Thank you!

In this episode The  Financial Conduct Authority's progressive regulatory policies have been credited with helping to make London one of the world's finest FinTech centres. In episode 126 of FinTech Insider, we spoke with several participants of the FCA's regulatory sandbox, created as a ‘safe space' for startups and companies to test ideas before becoming fully regulated. In this episode, we interview FCA Policy Director David Geale on the thought behind the sandbox, and more. Enjoy the show! “The sandbox is there for firms who really need to test in a live environment,” David says. “The example I often give is around disclosure. If I actually present something to you and say, ‘This is the current disclosure, here's a new version, which one of these do you prefer? Which one of these do you understand?' well, to a degree, that's cheating. It's better than nothing in terms of testing, but you've cheated, because you've got people to read it in the first place, and that's generally the core challenge, is getting people to engage, getting people to read. So if you can test that in a live environment, and say, ‘Okay, we know what you would have had, now what's the difference in actual behaviour with this new form,' or new style, maybe digital disclosure, for example, you can actually really see the impact of the results.” Enjoy the show! If you like what you hear, subscribe, review us on iTunes, and follow us on Facebook and Twitter. You can always email us at fintechinsider@11fs.co.uk. The post Ep226 – FCA Policy Director David Geale on the Thought Behind the Regulatory Sandbox appeared first on 11:FS.

In this episode The  Financial Conduct Authority’s progressive regulatory policies have been credited with helping to make London one of the world’s finest FinTech centres. In episode 126 of FinTech Insider, we spoke with several participants of the FCA’s regulatory sandbox, created as a ‘safe space’ for startups and companies to test ideas before becoming fully regulated. In this episode, we interview FCA Policy Director David Geale on the thought behind the sandbox, and more. Enjoy the show! “The sandbox is there for firms who really need to test in a live environment,” David says. “The example I often give is around disclosure. If I actually present something to you and say, ‘This is the current disclosure, here’s a new version, which one of these do you prefer? Which one of these do you understand?’ well, to a degree, that’s cheating. It’s better than nothing in terms of testing, but you’ve cheated, because you’ve got people to read it in the first place, and that’s generally the core challenge, is getting people to engage, getting people to read. So if you can test that in a live environment, and say, ‘Okay, we know what you would have had, now what’s the difference in actual behaviour with this new form,’ or new style, maybe digital disclosure, for example, you can actually really see the impact of the results.” Enjoy the show! If you like what you hear, subscribe, review us on iTunes, and follow us on Facebook and Twitter. You can always email us at fintechinsider@11fs.co.uk. The post Ep226 – FCA Policy Director David Geale on the Thought Behind the Regulatory Sandbox appeared first on 11:FS.

Welcome to our first conversation with an innovator in small business lending – my guest is Sam Hodges, Co-founder and U.S. Managing Director of Funding Circle. Funding Circle was founded in 2012 and is the world’s leading marketplace lender that’s exclusively focused on small businesses. It has made more than $2.5 billion in loans to 20,000 businesses in the U.S., Germany, Spain, the Netherlands and the UK (where it is based). It customers borrow directly from a wide range of investors, including more than 50,000 people, the UK Government, and divers entities like local councils, a university and various financial organizations. Funding Circle was created because the founders were small business owners themselves and learned how hard it is to access finance, even for a successful business. Even when a loan was approved, they found the process difficult, or the terms unattractive. Sometimes they even felt misled. After opening their 96th loan rejection letter, they decided this was a systemic failure – that the traditional bank loan system was broken – and they set out to build a new solution. The financial crisis created fertile ground for them, as so many business suddenly had trouble accessing capital (the number of small businesses has dropped every year for the past 8-10 years). And their timing fit with the emergence of marketplace lending as a new model. As Funding Circle’s Co–Founder and U.S. Managing Director, Sam oversees the company’s overall strategic direction and its day–to–day operation in the U.S. He was previously Vice President of Business Development at SecondMarket, the leading marketplace for alternative investments, where he was responsible for corporate and business development and the company’s geographic expansion efforts. Sam was also part of the investment team at Pequot Capital, an $8 billion global fund manager, covering investments in financial technology and information services. He started  his career as a strategy consultant at Katzenbach Partners, advising financial services and technology companies. He currently serves on the boards of two private companies. He received his MBA and MS from Stanford University and graduated magna cum laude from Brown University. Sam points to three key Funding Circle innovations: One is delivering a superior borrower experience. They can on-board and evaluate customers sometimes in minutes, or a few days, for situations where a bank might need 30 man-hours to reach a decision. Second, they’ve re-architected how they do credit evaluation. Sam says it’s not a silver bullet, but they’ve have created their own rigorous data-driven approach to understanding risk, and they’re using new data, in new ways, to serve more borrowers. And third, he argues that the marketplace model can be more scalable and profitable than the traditional bank approach, enabling them to grow a global business. In our conversation, Sam expresses his continued confidence in the marketplace model. He discusses Funding Circle’s risk analytics (he says they hire world class risk officers from world-class institutions). He explains the role of alternative data in driving more sound and inclusive lending. I was especially interested in how Sam contrasts the U.S. regulatory model with the U.K.’s efforts, especially on P2P lending. He thinks the fragmented American structure makes innovation here difficult. He also has suggestions for regulatory innovation, including sandboxes and a graduated scale of coverage that would allow small innovators to get up and running more easily.  He emphasizes the need for interagency coordination and consistency. He says transparency needs to undergird the whole industry, and that requires smart, sound regulation that everyone understands. (To listen to our previous episode about the “Regulatory Sandbox” with Nitish Pandey of BMO, click here.) Sam welcomes smart customer protection regulation – he discusses his involvement in creating the Small Business Borrower’s Bill of Rights we discussed in an earlier episode with Brian Graham of BancAlliance.  See also this Harvard research paper by former Small Business Administration head Karen Mills on small business lending. I hear increasing discussion about more regulation of small business lending. It’s partly because the online lenders are transforming the market, and partly because the “1099 economy” is producing more little businesses that arguably are functionally-equivalent to consumer borrowers.  The sector is covered by some of the federal laws on consumer protection, but not by most of them.  My own view is that regulation will probably need to come, but that we should NOT transplant the existing consumer protection rules into it without first updating them for the digital age. Speaking as someone who helped develop some of these rules, I will say they have a mixed record, at best, of protecting consumers. And complying with them costs a fortune. If we’re going to bring new regulation into the small business sector, let’s use the chance to take a fresh look, and apply some RegTech thinking. Other notes: Newsletter: I also want to share an announcement -- this month we’re launching a newsletter. It will be pithy and punchy and useful, highlighting the most interesting things that have happened, the most exciting things coming up. It will be a way to share some of the fascinating things I’ve been getting involved with. One example is that, this summer, I joined the Netherlands’ Queen Maxima (who leads the UN’s work on global financial inclusion) on her trip to Silicon Valley. Another is that I just returned from a week in Fiji at the global policy forum of the Alliance for Financial Inclusion, which represents the financial regulators of more than 90 countries in the developing world. I’m also working on ideas for promoting regulatory sandboxes in the United States. And in November, I’ll be speaking in Singapore at Asia’s first RegTech conference. And I’m doing a lot of work on RegTech. In fact, in Fiji I heard a new term – “SuperTech.” It’s a branch of RegTech that means technology-driven solutions for bank supervision. The newsletter will share some of the intriguing things that are going on, outside our poccasts. Don’t forget: Remember to send in your “buck a show” to keep the podcasts coming Support the Podcast Remember to rate us on ITunes.    Coming guests: And look for some amazing guests coming up. We have none other than the leaders of Varo, Ripple, LendUp, and Loot (from London)! We have two amazing, mold-breaking innovators from the developing world – eCurrency and OneDollarCellPhone, as well as the head of AFI, the Alliance for Financial Inclusion. And back in the US, we’ll have the community bank perspective on innovation. But first, next up, we have Harvard professor and behavioral economics expert, Brigitte Madrian. So, enjoy my conversation with Funding Circle’s Sam Hodges … and come back soon! Subscribe Sign up with your email address to receive news and updates. Email Address Sign Up We respect your privacy. Thank you!

Welcome to Barefoot innovation as we start into a fresh new year. Being appreciated! We are kicking off 2016 with a wonderful guest, Nitish Pandey of BMO, and also with exciting momentum for Barefoot Innovation. In December, we were named one of the top 9 fintech podcasts by FintechNews Switzerland. We are delighted to be counted among the best in the world, including the Breaking Banks show of my friend Brett King.  (If you’re enjoying Barefoot Innovation, please do consider donating to our efforts to produce it using the button below!)  Innovation Nation – fintech in the UK That recognition of our series was especially timely, because I was in London at the time to participate in a roundtable of the U.K.’s Financial Conduct Authority on the topic of today’s podcast. The FCA has taken the lead globally in proposing creation of a “regulatory sandbox” – a safe space in which financial innovators can experiment with ideas that might benefit consumers, but that could hit trip wires or raise concerns under today’s rules. Americans should focus on this: the U.K. has adopted a national strategy, from its top leaders on down, of becoming the fintech capital of the world.  One facet of that strategy is the FCA’s launch ofProject Innovate, which has  goals like this one:  “We promote competition through disruptive innovation − innovation that offers new services to customers and challenges existing business models.”  Consider that language – the regulator is explicitly “promoting…disruptive innovation.” The FCA’s efforts include creating an Innovation HUB that provides support for promising innovation, and a methodical review of how regulation impacts innovation. Last year they formally requested public input on two crucial questions: what regulations are impeding beneficial innovation, and is there a need for new regulations to foster innovation? While digesting the resulting comments, they put out their proposal on the sandbox concept. They’ve been sharing these ideas globally and exploring very creative approaches, like whether it would make sense to create a “virtual sandbox” in which innovators could test certain ideas through shared data, without exposing real consumers to any risk at all. Lawrence Wintermeyer of Innovate Finance, speaking at the FCA’s December sandbox roundtable, cited growing excitement around both “fintech” and “regtech.” He argued that London has the “tech” of the U.S. west coast, the “fin” of New York, and the “reg” of Washington – all clustered in one city where everyone can get together by public transport in fifteen minutes. The U.K. has other innovation advantages over the U.S., including a more concentrated banking system and a much simpler regulatory structure.  Startups are also attracted by the ability to “passport” UK activities throughout the European Union, offering easy access to large markets. All this contrasts sharply with the U.S. model in which innovators seeking national scale must undertake the complex process of securing either a bank charter or 50 state licenses, or both. Still, part of London’s innovation success clearly stems from deciding to value the upside promise of innovation, in addition to policing the very real downside risk. The FCA’s efforts include a conscious effort to be nimble – something that does not come easily to any regulatory system. The resulting vibrancy is palpable. On this side of the Atlantic In the U.S., the same thinking is gaining traction. Comptroller of the Currency Tom Curry has appointed anew task force for Responsible Innovation, as we discussed in our recent episode with him. The CFPB has its Project Catalyst innovation lab, and the Federal Reserve Bank of San Francisco held a conference last fall on the “(R)evolution Underway” in financial services, addressing “how technological changes are presenting opportunities and challenges for financial institutions while compelling regulatory agencies to think about how innovation impacts the supervisory process.” These U.S. discussions increasingly include exploration of creating a regulatory sandbox – which brings me to our guest for this episode. Nitish Pandey is Senior Vice-President & Chief Legal Officer, U.S. Personal & Commercial Banking, for BMO Financial Group of BMO Harris. He believes our financial ecosystem needs a safe sandbox in which to innovate (as did Jesse McWaters and Rob Galaski in our episode on the “Secrets of Fintech”). Nitish and I started discussing the sandbox concept last summer (before the U.K.’s proposal). I’d convened a roundtable on disruption of consumer finance and how to (and not to) regulate it. Nitish, whom I’ve known for years, came to the meeting armed with the most specific blueprint I had seen on these ideas. In the months since then, he’s refined it and shared it publically several times. The goal of a sandbox approach is to allow testing of pro-consumer innovation, while assuring that customers are still well-protected.  The issue has endless subtopics. For instance, is a sandbox really needed? How do current rules impede innovation -- if they do – and which ones are most problematic? Is it appropriate to use the concept of “risk tolerance” in consumer protection?  If so, can risks be defined? Can they be quantified and measured? And, if a sandbox would help, how should it be designed? Do regulators have the legal power to waive or suspend rules to allow experimentation and if not, should they? What standards should innovators have to meet? How would experiments be time-limited? What standards should be used to permit them, and to judge their success? If new ideas prove out, should they be publicized? Should the whole market be allowed to adopt them? If so, would this require extensive rewriting of current rules? Will innovators have sufficient incentive to enter the sandbox, if competitors can simply adopt the ideas they pilot (in contrast to, say, government approval of new drugs after testing that ultimately produce patents)?  How can innovators protect their confidential intellectual property?  Would agency pre-review of sandbox proposals bog innovation down in bureaucracy, defeating the purpose of the whole exercise? And perhaps most importantly, how should consumers in a sandbox be protected? What limits should be placed on potential harm to them? Should they be compensated for any harm and if so, how? What disclosures should they receive? Should they have to give consent? How would harm be quantified? While Nitish doesn’t try to answer all of these questions, he tackles many of the hardest ones. And he pinpoints a core issue that’s widely underestimated. The problem is not just rigid and potentially counterproductive regulatory requirements. It’s also the sheer cost and effort of implementing full-scope compliance for virtually any change.  If businesses can’t inexpensively test how customers would respond to an innovation, they won’t offer it. And they can’t test real-life response to new ideas today, without also building out massive compliance machinery – Nitish calls it the “pipes” – affecting nearly every function of the company. We’re in a “Lean Startup” world today where innovators grow by designing and refining a minimum viable product (MVP) through quick, intensive consumer interaction. Traditional companies can’t do this well, partly because their compliance systems weigh them down. Nitish has ideas how to design and execute a practical solution for this – without going bureaucrazy! Compliance as innovator? While I had Nitish with me, I also took the chance to have him share his advice on the revolution underway in the compliance function. He is the first bank compliance manager we’ve had as a guest, and a visionary in the field. He believes, as I do, that consumer financial protection is migrating from a rules-based system to an increasingly principles-based one. That shift is bringing permanent uncertainty which, in turn, requires deeply remaking the compliance management model. “It used to be, if you knew your regulations, you were fine,” he says in our discussion, whereas today’s compliance manager is a “true risk management professional who can be creative in the process and demonstrate excellent judgment as we rapidly move into an increasingly gray world.” He lays out the new role of compliance in today’s bank, why it’s needed, the key changes required, and how to make it happen. Nitish’s insight derives partly from his broad background. He has undergraduate and postgraduate qualifications in Law, Economics and Management in his native Australia and has held positions ranging from marketing to nearly every facet of risk management. He spent a decade at American Express in Compliance, Risk Management and Operations, focusing on consumer, small business and commercial portfolios. He was Deputy Chief Compliance Officer for American Express Centurion Bank, responsible for the oversight and implementation of the bank’s Compliance Program. In November 2014 he joined BMO as Chief Compliance Officer (CCO) for U.S. Personal and Commercial Banking. I hope you enjoy my talk with him as much as I did! More Links: BMO Bank Nitish’s slides from his presentation  The FCA's Project Innovate The FCA’s Paper on the “Regulatory Sandbox”  The CFPB’s Project Catalyst CFSI’s research on consumer financial wellness If you enjoy our work to bring together thought provoking ideas and people please consider a contribution to support the site. Donate Please subscribe to the podcast by opening your favorite podcast app and searching for "Jo Ann Barefoot", or in iTunes.