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BOJ: Fintech Sandbox continues to provide controlled environment for the testing, deployment, and refinement of financial technology

The Bank of Jamaica says the Fintech Regulatory Sandbox continues to provide a controlled environment for the testing, deployment, and refinement of financial technology.

The BoJ says that during 2023, it received two applications.

These brought the total number of applications to 40 from 37 entities since the establishment of the Sandbox in March 2020. 

At the end of 2023, twenty-three applications had been approved to test products comprising mobile wallets, an e-commerce solution, branded debit card solutions, and prepaid card solutions. 

By year-end, the entities were at different stages of testing their respective products and services.

In addition to the applications, the BoJ received various queries regarding fintech solutions, such as point-of-sale mobile applications and closed-loop digital gift card solutions.



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