FinTech

Technological innovation is an important factor that will influence the financial sector even more in the coming years. FinTech (technology-driven innovation in financial services) is an unavoidable reality that will radically change the payment habits of consumers and the way the financial world is doing business.

This innovation implies that the supervisory task and the way in which the Central Bank of Suriname ("the Bank") implements its monetary policy must be adjusted. Technological innovation not only offers opportunities but can also have implications for the financial system. The Bank's policy is aimed at facilitating the positive contribution of technological innovation while at the same time mapping out and mitigating the potential risks on the financial system.

InnovationHub

To stimulate technological innovation within the financial sector, the Bank has created an InnovationHub. The purpose of the InnovationHub is to offer the market parties support with regard to questions about the applicable legislation and regulations concerning innovative financial products and services. The InnovationHub also offers the Bank the opportunity to invite market parties to present and explain their innovative financial product.

The InnovationHub is available for all parties that want to bring an innovative financial product or service to the market. This concerns both licensed parties (under the supervision of the Bank) and newcomers.

The Bank advises to submit the innovative financial product or service to the InnovationHub (This email address is being protected from spambots. You need JavaScript enabled to view it.) at an early stage, causing the Bank to timely provide the necessary information for example about the applicable legislation and regulations.

Regulatory Sandbox

Based on the Banking Act, the Bank has the general task of ensuring a sound and prudent financial system. Considering the various financial innovative developments, the situation may occur in which relevant legislation and regulations are lacking. In order not to stagnate these innovative developments on the one hand and to fulfill its general objective on the other, the Bank has introduced a Regulatory Sandbox.

The Regulatory Sandbox offers a company that wants to bring an innovative financial product or service to the market the opportunity to test its product in a controlled and safe environment before it is offered to the public. In addition, the Sandbox enables the Bank, in its character as supervisor, to fully understand, observe and determine whether this new service or product has potential benefits or risks for the financial system.

Additionally, it will be examined whether the new product or service can be brought under the current legislation and or regulations. If the product or service cannot be accommodated under the existing supervisory legislation, the Bank will draft conditions that the company must meet.

For further questions about the Regulatory Sandbox you can contact the Bank via This email address is being protected from spambots. You need JavaScript enabled to view it..