Welcome to the regulatory sandbox!
The regulatory sandbox allows potential and existing financial market participants to test financial innovations in a live environment under the guidance and supervision of the Bank of Lithuania. The participants of the regulatory sandbox will be selected according to the following criteria:
- Genuine innovation. The regulatory sandbox is open only for financial services, products or business models that are new to Lithuania’s market.
- Consumer benefit. Adoption of financial innovation will bring identifiable benefits to society, e.g. more convenient, safer and cheaper financial services, or otherwise contribute to the sustainable development of the financial market.
- Need for testing in a live environment. The necessity to test financial innovations in a controlled environment is objectively justified, while testing itself can contribute to the implementation of the said innovation.
- Readiness for testing. The financial market participant has carried out an adaptability assessment, prepared a testing plan with clear objectives, testing conditions and risk analysis, as well as allocated sufficient resources.
- Ambition to provide financial services in Lithuania. Financial services, products or business models, tested in the regulatory sandbox, will be further developed in Lithuania.
Submission of applications (40.5 KB ) to enter the regulatory sandbox opens on 15 October 2018.
How does it work?
More information about the Bank of Lithuania’s regulatory sandbox is available here (84.4 KB ).
Financial innovations currently tested
Company: UAB Workpower
Innovation: P2P insurance platform
Description: The peer-to-peer (P2P) insurance platform is based on the principles of the sharing economy, where its members form groups to protect themselves against losses, make their own decisions on loss compensation using pooled funds and get back those unused.
Authorisation: Resolution No 03-116 of the Board of the Bank of Lithuania of 13 June 2019
Start of testing: 24 October 2019