Regulatory sandbox should use the voice of the consumers as an input into policy making
The recently announced framework for regulatory sandbox by the Reserve Bank of India (RBI) is a progressive and much-needed step. Consider yourself as a founder of a fintech startup that has developed a mobile app for farmers that allows him to track local weather updates, purchase seeds, crop insurance, commodity put options and manage his cash flows from sales. This app could be a one-stop solution for many needs of a farmer and with technology innovation it’s feasible. However, before it can be launched, the fintech startup would need to get regulatory approvals and comply with necessary conditions. Often the challenge for fintech startups is that regulation does not explicitly cover what they plan to do since it’s a completely new product or service. Ambiguity around governing regulations hampers innovation and the ability to scale.
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