FinTechBhutan is an initiative established by the Royal Monetary Authority of Bhutan (RMA) in June 2020 to support innovations that will improve the quality, efficiency and accessibility of financial services in Bhutan. Comprising of cross functional group within RMA, the FinTechBhutan is responsible for formulating and enhancing regulatory policies to facilitate the adoption of technological innovations in the Bhutan financial services industry.
- Submit Application.
- RMA evaluation Committee will review the proposal against the eligibility criteria.
- Participants test their fintech solution in the sandbox for a period of 6 months.
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To enable the innovators to meet the objectives of a central bank, it is vested with comprehensive legal powers under the following legislation to regulate and supervise the financial system
Key regulatory objective
Promoting fair and equitable market practices Promoting the financial capabilities of consumers
Able to withstand adverse economic condition and maintain customer confidence Address moral hazards by mitigating excessive risk-taking behaviour
Security and consumer’s privacy Ensure business continuity if technology fails
Effective management of money laundering or terrorist financing risks through appropriate mitigation measures Prevent the infiltration and abuse by criminals to the reporting institutions
The Regulatory Sandbox will provide a structured avenue to engage with the firms and innovators to successfully test their solution, before a wider-scale launch, within a well-defined space and duration, while carefully monitoring and containing the risks.
Submit your application
The applicants must demonstrate a clear understanding of the regulatory sandbox objectives. Furthermore, the applicants shall duly follow the application procedures set herewith by the RMA and furnish all required documents.
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