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With this online course, you will:
- Understand the concept of regulatory sandboxes, including their purpose and how they work.
- Learn about the benefits that regulatory sandboxes offer to innovators and regulators.
- Learn the difference between a sandbox and an innovation hub and their various roles.
- Gain insights on how regulatory sandboxes are being used around the world and real-world examples.
- Learn how to navigate the regulatory environment for financial innovation and how to work with regulators.
- Understand how to access and make the most of the opportunities provided by a regulatory sandbox to benefit from its opportunities in professional and academic careers.
Introduction to Regulatory Sandbox
The course will provide an overview of the concept of regulatory sandboxes and the purpose of the course. It will introduce the topic of sandboxes and explain their importance in the financial sector, as well as provide an overview of what will be covered in the course.
History and Context
This chapter explores the origins and swift global spread of regulatory sandboxes, first introduced by the UK's Financial Conduct Authority. It highlights their role as controlled testing environments for FinTech innovations and discusses the resource-intensive nature of operating these sandboxes and innovation hubs, which are crucial for fostering competition in the financial sector.
In this chapter, the course will delve into the difference between a sandbox and an innovation hub, and the various roles they play in the regulatory environment. It will cover the distinction between the two and provide real-world examples of how they are being used around the world.
This chapter emphasises the global popularity of regulatory sandboxes, with about 68 countries adopting them and another 14 considering their implementation, showcasing a rapid and widespread acceptance of this regulatory concept within just five years.
This chapter will provide a deeper understanding of how sandboxes are being used in the real world and in different countries. It will examine case studies of regulatory sandboxes and their implementation, including the successes and challenges faced by regulators and innovators.
Challenges and Opportunities
This chapter examines the benefits and drawbacks of regulatory sandboxes and innovation hubs in finance. It emphasises their role in promoting FinTech growth and competition but also highlights the significant operational costs and the need for skilled personnel in financial regulation.
Meet your instructor - Ross Buckley
ARC Laureate Fellow & Scientia Professor
Ross Buckley is a Laureate Fellow and a Scientia Professor at the University of New South Wales (UNSW Sydney).
He serves as a Member of the Payment Systems Board of the Reserve Bank of Australia, as Chair of the Digital Finance Advisory Panel, and as a member of the Consultative Panel, of the Australian Securities and Investments Commission (ASIC) – Australia’s market conduct regulator.
His joint research on FinTech and RegTech has been downloaded more frequently from the Social Science Research Network (SSRN) than that of any social scientist in the world.
He has authored six books, edited another five, and written over 170 book chapters and major articles in leading journals in all significant jurisdictions. I have led eight major competitive research grants in Australia; and served as a co-investigator on seven other major grants in Australia, Hong Kong and Qatar. This work, in total, has attracted some A$11.5 million in research funding.
His Laureate Fellowship from the Australian Research Council is a $3.6 million project to explore how we might best regulate FinTech and related developments.