Bank launches framework to test new solutions

THE Bank of Papua New Guinea recently launched its Regulatory Sandbox which will permit the testing of new solutions for use in enhancing financial inclusion in the country.
According to BPNG, the Sandbox is the first of its kind in the Pacific.
The Regulatory Sandbox will provide a controlled environment for testing of new technologies to create new social and economic opportunities.
Governor Loi Bakani said close dialogue and interaction between BPNG and sandbox participants would enable any potential risks to the market and to consumers to be identified and resolved at an early stage, helping to accelerate the time-to-market for viable solutions.
“BPNG recognises the potential benefits of innovative technologies to create new products and services that could enhance the provision of financial services to enhance financial inclusion,” Bakani said in a statement.
“We are thrilled to announce the launch of BPNG’s Regulatory Sandbox and are excited about the new possibilities it will create.”
BPNG will welcome participation in its Regulatory Sandbox from authorised financial institutions already active in PNG as well as those that do not fall under the regulatory purview of BPNG but where the nature of their innovation may require regulatory approval from BPNG,” he said.
Prospective applicants who have successfully tested a solution or concept through a sandbox in another jurisdiction and who can demonstrate the potential benefit to PNG may be considered for a fast-tracked sandbox process.