The St. Lucia government is advancing plans to establish a cross-sector Regulatory Sandbox for Digital Identity and Financial Technology (FinTech), which it says marks another significant step in the country’s digital transformation agenda.
The initiative is supported by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and is intended to provide a safe and controlled environment in which innovative digital products, services and business models can be tested under regulatory oversight before being introduced to the wider marketplace.
Director of Public Sector Modernization, Marlon Narcisse, said that the sandbox will help create an environment in which innovation can take place while allowing regulators to identify and address potential risks.
