Africa-Press – Angola. The National Bank of Angola (BNA) expects to start, on 15 September, the first tests to assess the efficiency of the risk management system, with emphasis on the Standbox cyber security, said in Luanda, the Deputy Director from BNA’s Payment Systems area, Nuno Alves.
The Sandbox is a security mechanism/tool that separates running programs in an effort to mitigate system crashes and/or software vulnerabilities.
When addressing “The impact of the Regulatory Sandbox on the innovation of Financial Services”, in a seminar aimed at journalists, he underlined that the process is part of the integration criteria, requiring that participants identify and assess potential risks.
Nuno Alves detailed that 30 days after the end of the request for tests, participants must submit a final report, with the key performance indicators of the agreed measures for the success or failure of the tests carried out and the results.
According to it, risks can arise from testing products, financial services, business models and innovative technological solutions and affect both financial institutions and consumers, which is why mitigation, evaluation and documentation.
Nuno Alves says that Standbox must create procedures to combat money laundering and terrorist financing and the proliferation of massive weapons, and must also have an exit strategy and transition to the market.
He explained that, for the process, national companies with projects to be implemented in Angola, entities without parental ties or affinity with professionals from LISPA – Laboratory of Payment System Innovation (LISPA), an initiative of the National Bank of Angola, can participate.
The criteria also include genuine innovation, benefit for society and the financial system, projects that are within the scope of the program and newly created or existing entities.
Sandbox was created with the aim of accompanying the evolution and modernization of Payment Systems in Angola, as well as responding to the challenges that fintech and financial institutions have faced in terms of the insertion of new innovative products and services in the financial market.
For More News And Analysis About Angola Follow Africa-Press
