In line with the objectives of the NSFI, he BSP now seeks to formalize the existing test and learn 1/3  BIS central bankers' speeches  approach into a comprehensive and structured regulatory sandbox framework.
Under the proposed framework, the BSP shall (1) evaluate sandbox applications as to completeness and eligibility based on standards; (2) determine the viability of the proposed solution by evaluating the test plan; (3) monitor the implementation of the approved test plan; and (4) assess whether the sandbox activity should be terminated or approved for full commercial roll-out.