EBRD and Estonia are working on their first startup sandbox

EBRD and Estonia to design an environment supporting innovative start-ups

EBRD and Estonia are working on their first startup sandbox. Source: shutterstock.com

The EBRD together with Estonia’s Ministry of Finance and the country’s Financial Services Authority has launched its first technical assistance Fintech project in the country. An inaugurating workshop gathered more than 35 attendees that represented a wide range of market participants including start-ups, banks, and innovators.

The EBRD-led project will allow the authorities to learn more about innovative businesses, while companies will be able to test new ideas with real customers utilizing the dexterity and innovation that start-ups are renowned for in a controlled regulatory environment.

The benefits of sandboxes are plentiful. Start-up participants receive feedback on their business model, access to technical expertise and ongoing support from the testing team after they pass the eligibility criteria. Regulators see greater competition introduced to the market due to ease of access as well as reduced time and cost for implementing innovative technologies
EBRD

Over the coming three months the EBRD, the European Commission, and the Estonian authorities will work on benchmarking the technologies as well as designing and creating the framework relevant for the successful implementation of a digital sandbox.

SEE ALSO: Fintech in 2019: Machine learning, and people?

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