Regulators globally have embraced the regulatory sandbox as a means of providing a dynamic, evidence-based regulatory environment to test emerging technologies. We have collated the total sandboxes currently in existence both announced and operational and highlighted some key metrics on their design and operations. This is an evolving list, but is currently up-to-date as of November 2020.These figures are supplemented by a detailed analysis of experiences thus far of all known sandboxes and is contained in our report, Global Experiences From Regulatory Sandboxes.
3. Sandboxes in AE vs EMDE countries
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While advanced economies (AE) have arguably been first movers in creating sandboxes, emerging markets and developing economies (EMDEs) have not been far behind- with 70% of the sandboxes currently. Some countries have created more than one fintech-related sandbox, reflecting the jurisdictional authorities¡¯ different priorities and resources.
4. Number of sandboxes by World Bank regions
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The highest number of fintech-related sandboxes have been created in the East Asia and Pacific region, closely followed by Europe and Central Asia. On the lower end, North America and South Asia reported the fewest sandboxes, with India and the United States showing a concentration of sandboxes.
5. Fintech-related sandboxes with a financial inclusion theme
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A total of 23 sandboxes are related to financial inclusion or financial inclusion themes. These include those sandboxes created with specific mandate to advance financial inclusion or those that have been propelled by a national financial inclusion strategy within the country with the specific aim of spurring innovative products for the underserved.
6. Sandbox themes by WBG region
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Thematic sandboxes can be effective in promoting certain technologies and specific policy priorities. While most (60 percent) fintech sandboxes are geared toward general fintech innovations, some specifically adopt themes such as enhancing blockchain technology to innovations in insurance technology or that to support remote authentication.
7. Number of sandboxes in civil vs common law countries
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Common law countries, civil law countries, and those operating under a hybrid system have all established sandboxes, despite their differing supervisory roles and mandate, highlighting that no one system is more suited than the others.