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.