Apply to the regulatory sandbox

This webpage sets out the eligibility criteria to the regulatory sandbox (RSB), provides an overview of the RSB process, and lastly provides access to the RSB application form. A listing of potential regulatory relief as well as the types of applications that regulators may be looking for or the approach that a regulator is following may be viewed here.

What are the RSB eligibility criteria?

All applications will initially be assessed by the RSB team against the eligibility criteria listed below. Those who have passed the initial assessment will be placed on the 'long list' for further consideration by the relevant regulator(s). The regulators do a more detailed assessment using the eligibility criteria, along with the pertinent regulatory framework, as well as the potential regulatory relief and focus areas listed further below on this webpage. Entry into the RSB remains at the discretion of regulators. Entry may, for instance, not be granted if a firm is not in good standing with a regulator.

To be eligible for the RSB long list, applicants are assessed on the following criteria:

The innovation to be tested must be intended for deployment in the South African market.
The innovation to be tested must not clearly fit within the existing regulatory framework or it must challenge the existing regulatory framework.
The innovation must be beneficial to consumers or the market at large (e.g. for business-to-consumer companies – lower prices, increased competition, or improved access/financial inclusion; for business-to-business companies – lower costs, increased competition, increased efficiency, or improved regulatory compliance).
The innovation must be significantly different from other offerings in the market.
The innovation must be ready to be tested, including fully developed technology, sufficient funding to cover the full testing period, and secured partnerships (if required for testing).
For cross-border testing an applicant must either prove that it is licensed and in good standing in the other jurisdiction or that it has obtained approval from the applicable regulator in the other jurisdiction to participate in an RSB test in South Africa.

The RSB process

The Intergovernmental Fintech Working Group (IFWG) follows an adjusted rolling-based approach, which means that it continuously remains open for applications. Successful participants will typically go through the following RSB phases:

Application: Complete the online application form or download the application form below and submit to the RSB team viasandbox@ifwg.co.za.
Assessment and shortlisting of applications: This includes initial assessments against entry criteria (longlisting) and further engagement with regulators and, in some instances, the applicants to determine whether an application is shortlisted for the next phase.
Contracting and definition of testing parameters: An agreement is reached between the regulator(s) enabling the testing and the applicant sets out what will be tested, how testing will take place and the duration of testing.
Testing and reporting: Expected to typically take six months.
Close-out: The results from testing and possible next steps will be considered.

The effectiveness of this approach and processes will be reviewed periodically, at least annually, and this webpage will be updated accordingly, if necessary.

Apply to the IFWG RSB

Once you have considered the eligibility criteria and additional information on the RSB and are of the view that your solution may benefit from testing in the RSB, you may