The Regulatory Laboratory (Sandbox) is a framework established by the supervisor that allows financial sector representatives, which are under the National Bank's supervisory authority, to test innovative services and products in real-time in a supervisor-controlled environment.
The purposes of the Regulatory Laboratory are to comply with the supervisory requirements of the National Bank for Innovative Financial Services and Products created under rapidly evolving financial technologies, to identify the need for new regulatory requirements, to test innovative products in the financial sector and to promote their development. Besides, these services and products should not contain systemic risks.
Detailed information on the Regulatory Laboratory is provided in the regulation of "On the Establishment and Use of the Framework for the Regulatory Laboratory by the NBG" confirmed by the executive order of the president of NBG of May 25, 2020 N110/04. Stakeholders/ Interested parties can also contact the Financial Innovation Office for more information on participating in the Regulatory Laboratory.
At present, the applications submitted to the National Bank's Regulatory Laboratory are mainly related to the remote identification / verification of their existing and potential customers using modern innovative technologies by organizations representing the financial sector.
Currently, on the final third stage of the Regulatory Laboratory that is "Test in Real Environment" the following projects participate and are being tested on a limited number of users under the supervision of the National Bank of Georgia: