One of the earliest applications of this was for e-money in 2004, when few people have heard of it. We allowed non-banks to pilot the provision of e-money within defined parameters. We have since then used this test and learn approach to allow piloting of many other fintech innovations in our system. We are doing our own fintech experimentation to improve our own capability.
We are exploring an API system to connect financial service providers to the BSP. This would strengthen BSP’s risk-based regulatory and supervisory activities, and may very well be an initial step to building capacity for big data analytics. This is Regtech. Earlier this year, we issued various regulations aimed at mitigating effects of technology-related risks, including AML/CFT and other concerns with respect to fintech.