We exist to…
Provide a space for safe experimentation
Innovation means pushing boundaries. The Regulatory Sandbox provides market innovators with an opportunity to test new products and services that push the boundaries of existing regulation, all under the responsible supervision of relevant regulators.
Market innovators must apply to the Regulatory Sandbox. Accepted participants test their product or service within parameters established by the IFWG and are expected to report on testing progress at regular intervals. Learnings from testing will help regulators determine if and how policies and regulations must change to promote responsible innovation in the market.
The application period for the first cohort of the Regulatory Sandbox closed on 15 May 2020. Over 50 applications were received. We aim to finalise decisions regarding participation in June 2020 and begin testing in July 2020.
Should you apply to the Regulatory Sandbox?
In order to be eligible for the Regulatory Sandbox, the following initial criteria must be met:
- 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 challenges 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, improved access/financial inclusion; for Business-to-Business companies – lower costs, increased efficiency, improved 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)
Still have questions on the Regulatory Sandbox? Download our FAQs here.