FSC sets up innovation unit, sandbox for new financial products

The Financial Services Commission (FSC) has established two departments – an Innovation Unit and a Market Growth & Development Department – to give securities, insurance and private pension firms an earlier channel to the regulator when they develop new products. Both took effect on Monday. The Innovation Unit carries the sharper change. It will administer the FSC’s first regulatory sandbox, a controlled environment in which qualifying products can be tested before they reach the market.