Regulatory Innovation

We believe that emerging technologies are potentially important tools to promote financial inclusion, financial safety, and financial stability.  Our mission is to enable the regulatory ecosystem by encouraging innovative approaches to engaging new technologies and industry.

Regulatory Toolkit

Our team has studied and tested a variety of testing tools that can be deployed to reduce regulatory uncertainty. These frameworks can potentially speed the adoption of useful innovations while limiting risks to consumers and the market.  

Regulatory Sandbox

A formal process for firms to conduct tests of new products, services, delivery channels or business models in a live environment, with regulatory oversight and subject to appropriate conditions and safeguards.


An ad hoc approach that allows testing or piloting of new products in a live environment, often with certain basic protections in place. Rather than a formal application process, "test-and-learn" allows innovations underway in the marketplace to develop, with regulators responding over time as benefits and risks become clearer.

Innovation Lab

Regulator- or industry-led program for testing with "dummy" data, publicly available data, regulatory data, or data provided by private sector participants. An industry-led innovation lab may also be referred to as an "industry sandbox."

Innovation Hub

A dedicated office or point of contact within a regulatory agency that facilitates engagement with companies seeking guidance about new products or services. Staff may provide formal guidance or informal advice, and often provides "concierge" services by directing companies to subject matter experts within the agency. Innovation hubs also facilitate internal information sharing to help educate the regulatory's own staff, and external coordination with other domestic and international regulators.

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