This means that we take a very active role in ensuring that our policy provides opportunities for innovation that can help advance inclusive growth and deliver more efficient financial services. At the same time, we want to ensure risks are well managed, particularly technology, money laundering/ terrorist financing, and consumer protection risks.
As far as I know, we are a pioneer among central banks in using the “test and learn” approach, now known as regulatory sandbox, to allow controlled roll-out of new financial technology. Even as we allow fintech into our system, we are mindful of related risks.