Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 15, 2022 erstellt
Description:
Over the past few years, the concept of a Digital Banking and Fintech Sandbox has emerged as a powerful force for driving innovation and fostering financial inclusion, especially in emerging economies that grapple with various challenges in providing access to essential financial services. A regulatory sandbox serves as a structured, secure, and controlled environment that enables startups, financial institutions, and other relevant stakeholders to experiment with and test innovative financial products and services while enjoying temporary relief from specific regulations. This forward-thinking, progressive initiative strives to promote collaboration, deepen regulatory comprehension, and accelerate the adoption of innovative technologies, all the while maintaining a strong commitment to consumer protection and financial stability.Nepal, a nation characterized by a sizable unbanked population, is well-positioned to reap substantial benefits by embracing this innovative concept. According to the World Bank's Global Findex Database, a mere 45% of Nepalese adults held an account at a financial institution in 2017. This statistic reveals a concerning reality: a significant segment of the population remains without access to essential financial services such as savings accounts, credit, and insurance. By implementing a Digital Banking and Fintech Sandbox, Nepal has the opportunity to leverage state-of-the-art technological advancements and inventive business models to bridge this financial inclusion gap and ultimately elevate the economic prospects of its citizens.The legal community in particular occupies a critical position in advancing the Digital Banking and Fintech Sandbox in Nepal, as they boast the requisite expertise and authority to shape the regulatory landscape that will govern the sandbox. Legal professionals, including lawyers, judges, and policymakers, must collaborate to develop a tailored regulatory framework for the sandbox that strikes a delicate balance between fostering innovation and safeguarding consumer protection, data privacy, and cybersecurity. By facilitating constructive dialogue among stakeholders and fostering a spirit of cooperation, the legal fraternity can help cultivate an enabling environment for the growth and adoption of digital banking and fintech solutions that cater to the needs of the unbanked population