不丹：金融科技监管沙盒框架的技术援助报告审查和诊断（英）

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the significant institutional progress made by the Royal Monetary Authority (RMA) in establishing a regulatory sandbox framework, despite limited resources. This foundational work provides a platform for recommended enhancements to achieve effective sandbox operations [13] - Bhutan's digital financial ecosystem has made notable advancements, particularly in mobile banking and digital wallets, which have expanded financial services to rural and underserved populations. However, there remains a gap in fostering a more collaborative and dynamic ecosystem among banks, financial institutions, and startups [14] - The regulatory sandbox (RS) framework aims to support and manage fintech innovation but faces key challenges that hinder its effectiveness, including unclear strategic objectives, fragmented governance, and limited operational focus [15] - Recommendations include realigning the RS with RMA's strategic priorities, narrowing its scope to cover regulated activities, and introducing a formal risk management framework [16] Summary by Sections Executive Summary - The IMF conducted a technical assistance mission to review and strengthen Bhutan's fintech regulatory sandbox framework, assessing its alignment with Bhutan's digital transformation goals and its effectiveness in promoting innovation [12] - A two-day capacity-building workshop was held to enhance RMA staff's expertise in managing RS operations and regulating emerging fintech innovations [12] Section I: Goals and Structure of the RMA Regulatory Sandbox - The RS is designed to balance financial stability and consumer protection with the need to foster innovation, providing a controlled environment for monitoring innovative solutions before broader market adoption [28] - The RS framework was launched in June 2020, aiming to test innovative, technology-enabled financial products and services [29] Section II: Fintech Landscape in Bhutan - Bhutan's financial sector, comprising six commercial banks and several other financial institutions, accounts for over 80% of total financial assets, indicating a need for digital innovation to unlock further growth [41] - Digital banking platforms have significantly contributed to Bhutan's digital transformation, making financial services more accessible [42] - The introduction of QR code-based payment systems has accelerated Bhutan's transition to a cashless economy [44] Section III: Assessment of the RMA Regulatory Sandbox Framework - The RS framework has become a passive mechanism driven by market responses rather than aligning with strategic priorities, leading to overlaps with existing regulatory functions [58] - The report identifies the need for stricter entry criteria and a proactive framework to address systemic risks and enhance regulatory oversight [63] Recommendations and Next Steps - The report suggests that RMA should first identify its regulatory priorities and ensure that innovation focuses align with strategic goals, including financial stability and market development [22] - It is recommended to narrow the RS's scope to only include activities requiring regulatory approval and to reassess its objectives to ensure they are specific and measurable [22]