IslamicFinance.de

In #Indonesia fintech startups will be invited to a safe space where they can test any service under the supervision of the central bank before it issues regulations and allows full authorization. The safe space, known as a "regulatory sandbox", has been adopted in many countries around the world. The central bank will also set up a designated fintech office to overlook the sandbox. The Indonesian Fintech Association applauded the planned sandbox approach as it will serve as a tangible platform for all fintech initiatives to be tested into the regulatory system. The association's secretary-general Karaniya Dharmasaputra said this concept was a good one as shown by many countries implementing it toward success.