Brian Commettant: Capacity building and stakeholder engagement for the FinTech Regulatory Sandbox

Opening remarks by Mr Brian Commettant, First Deputy Governor of the Central Bank of Seychelles, at the Eden Bleu Hotel, day two for External Stakeholders, Eden Island, 12 October 2022. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Governor who is joining us virtually,
Second Deputy Governor,
Mr Eliki Boletawa and Team of facilitators from AFI
Participants,

Good morning.

I am pleased to welcome you to this stakeholder engagement and dissemination workshop on the Fintech Regulatory Sandbox Framework by the Central Bank of Seychelles. Today's event, organised with the valuable assistance of the Alliance for Financial Inclusion (AFI), follows a one-day capacity-building session for CBS staff.

The importance of technology is undeniable today, as evidenced by the ongoing COVID-19 pandemic, and there is no doubt that the increasing pace of digital transformation globally will continue. Seychelles is no exception to this trend, where there is a renewed focus on modernising the economy - an endeavour which is synonymous with innovation.

While the level of Fintech in Seychelles is still progressing, there is no mistaking the growing interest, in harnessing the possibilities. In the face of this reality, the regulatory and supervisory authorities have the vital role of putting the necessary framework in place to facilitate and support innovative ideas, while ensuring a balance between the opportunities presented by such innovations and the potential risks.

It is for this reason that the CBS, with the assistance of AFI, is engaging with its stakeholders on the upcoming implementation and operation of a regulatory sandbox framework. This is expected to provide a platform for financial service providers and FinTech companies to live-test innovation in a controlled environment, thus contributing towards growing opportunities in the financial landscape. Collaboration between sandbox participants will provide a two-way opportunity to disseminate and build knowledge around financial technology, and allow CBS to adopt a more informed regulatory approach.

Through this forum, you will be updated on the current digital financial services and FinTech landscape in Seychelles. You will also learn more about the proposed regulatory sandbox framework, and how it will work whilst also receiving insights on the implementation of such a framework by other countries.

The implementation of a regulatory sandbox by CBS, stands to bring another approach to the exercise of its supervisory functions in relation to innovation - one from which we will learn to maximise its potential and address challenges as we endeavour to support the further development of Seychelles' FinTech landscape, and ultimately contribute to a more diverse, competitive, efficient and inclusive financial services sector.

I look forward to your engagement, comments, questions and proposals on this new framework. Stakeholder buy-in and collaboration are essential if we are to be successful in its implementation, and ensure that Seychelles - particularly the financial sector - is not left behind in today's world of digital transformation.

With these few remarks, I wish you all a fruitful session.

Thank You.