Eligibility Criteria

Applicants will need to meet all of the criteria below in order to be accepted into the sandbox.

Criteria 1 – Genuine Innovation or New/Emerging Technology

  • New or emerging technology or uses existing technology in an innovative way.


Criteria 2 – Supporting Financial Inclusion

  • The proposal and application must illustrate it seeks to provide a product, service or solution that have the potential to improve one of the following aspects: accessibility, efficiency, security, and quality of the financial system and the ECSM in supporting financial inclusion in the ECCU.


Criteria 3 – Genuine Need for the use of the ECSRC Regulatory Sandbox

  • There is a genuine need for the sandbox testing due to an absence of governing laws and regulations or there is uncertainty as to the appropriate regulatory regime for the product or service — it is not easy to fit within the existing regulatory framework.
  • The applicant proposes a specific area of regulated uncertainty within a regulated activity that the business model or proposal presents and the ECSRC Regulatory Sandbox can provide an environment to gain clarity to the firm and the ECSRC.


Criteria 4 – Provides Consumer or Market Benefit

  • Addresses a problem or brings additional benefits to the consumers, participants, and investors of the ECSM.


Criteria 5 – Ready for Testing

  • The applicant must demonstrate a readiness to test the innovation with a realistic and well-developed business plan; objectives, testing scenarios, risk mitigation capacity, expected outcomes/Key Performance Indicators (KPIs). The applicant must also show the necessary resources (human and financial) to participate in the Regulatory Sandbox.
  • Firms must accurately provide information in the application for the ECSRC to assess its readiness.
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Donald Simpson
Chairman, Bluewater Corp

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