CW+ Premium Content/CW Nordics

Norway’s Ministry of Finance (MoF) is launching a regulatory sandbox to support the growth of fintechs and boost the adoption of their products and service. The primary objective is to use the sandbox as a test-lab for tech firms and fintechs to trial products, technologies and services. It will also support the regulator’s efforts to regulate an industry rapidly adopting disruptive technologies, such as digital and artificial intelligence (AI) within the IT and fintech industry. Regulators and fintech firms are to test ideas without having to first go through a costly and lengthy authorisation process. The regulatory sandbox initiative is aimed at narrowing the existing innovation gap between Norway neighbouring Nordic states Denmark and Sweden. The project offers a low-cost and largely risk-free environment to test digital-AI products, technologies and services on a limited number of customers under the supervision of Finanstilsynet, Norway’s financial services authority (FSA). The initiative will also benefit the FSA by ...