Considerations

• The Solution must clearly indicate that it leverages existing or emerging technology/ies in an innovative way to provide or support the provision of financial services.
• The Applicant must demonstrate, through market research or other means, that their Solution is different from current solutions.

• The Applicant must demonstrate that the Solution does not solely re-brand but scale-up and/or re-engineer existing business models, applications, processes or products within the financial services market.
• The MFSA has encountered few or no comparable solutions.

Considerations

• The Sandbox will be beneficial for the Solution being tested and that it is the appropriate regulatory approach to assess the Solution’s risks, challenges, and potential regulatory and supervisory gaps.

• The Sandbox is an appropriate regulatory approach in which they can engage with the Authority and release the Solution within the financial services market.

Considerations

• Proposed Solution aims to provide significant increase in efficiency and user experience, and a decrease in cost compared to current products on the market.
• The Applicant must demonstrate clearly that the proposed Solution is beneficial to consumers and the wider financial services market and that they have accounted for potential negative externalities.
• The Applicant must present a thought-out plan accounting for possible risks and demonstrates that they have a suitable mitigation plan which ensures consumer protection, market integrity and financial soundness.

• The Applicant must demonstrate that the proposed Solution can be discontinued with minimal impact to consumers and the financial services market.
• The Applicant must demonstrate that the proposed Solution (i) captures an otherwise undeserved niche market; (ii) increases financial inclusion; or (iii) enhances competitiveness of the financial services market.

Considerations

• The Applicant should have an adequate operational capacity to operate for the foreseeable future.
• The Applicant has strong financials which indicate adequate resources.

• The Solution is ready for release to the public.
• The Sandbox Applicants should have secured the necessary partner/s through the applicable contractual agreements and/or outsourcing contract/s with one/or more authorised financial services provider/s, as applicable.