Regulatory Sandbox to Help Fintech Growth

The National Informatics Corporation (NIC), Central Bank of Iran's technology arm, says the recently launched regulatory sandbox should help boost investment in fintech startups. 
"By entering the CBI sandbox, financial innovators are 50% more likely to attract investments…Moreover, acceptance in the regulatory sandbox is expected to raise investments' value by 15%," Mahmoud Karimi, head of NIC department for research and strategic studies, was quoted as saying by the NIC public relations department. 
The CBI launched the regulatory sandbox to address challenges faced by the bank and financial startups in June. 
A regulatory sandbox is a controlled environment supervised by a public authority in which startups and incumbents are allowed to test innovative products and services and face less risk of penalty for non-compliance with rules in exchange for certain safeguards – such as accepting a limited number of clients or intermediating limited transactions.