November 13, 2018 / 6:00 AM / a month ago

Norway to launch fintech 'sandbox' in 2019

OSLO, Nov 13 (Reuters) - Norway will launch a regulatory “sandbox” by the end of 2019 in a bid to boost innovation by fintech companies, the Finance Ministry said in a statement late Monday.

A sandbox, or controlled environment for testing new products, technologies and services on a limited number of customers, was first launched by Britain and has since also been established in Denmark and the Netherlands.

Innovation hubs provide a forum for regulators and fintech firms to discuss ideas, while sandboxes allow them to test new products, such as making payments using a smartphone, on real customers - all without having to go through a costly and lengthy full authorisation process first. (Reporting by Terje Solsvik, Editing by Sherry Jacob-Phillips)

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