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Governments need to take their hands off of fintech if they want it to grow, minister says

“Singapore’s central bank, the Monetary Authority of Singapore, also launched a fintech regulatory sandbox last year” writes Rohini Samtani for cnbc.com. Switzerland, for one, has introduced a so-called regulatory sandbox, within which small fintech firms can play without regulation.Switzerland also offers a tailor-made fintech license, which is far less taxing on small firms compared to a banking license.In order for financial technology to grow, some countries are giving firms freedom to experiment, lifting the burdens of tight regulation.And once they grow out of that sandbox, the regulation will be according to their size,” Gasser said.
 
Source: cnbc.com



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