Faranic, the innovation hub of the National Informatics Group, was responsible for the implementation and monitoring processes of the central bank’s sandbox. This happened following the coordination of the Central Bank with the National Informatics Group in order to create a safe and controlled environment for the development and evaluation of technological innovations in the financial industry.
According to Ideaagency, according to the public relations report of the National Informatics Company, this program, which was started to take advantage of the regulatory sandbox, identify new capacities, manage risks related to financial technologies, and facilitate the entry of innovative products and services into the market, among the goals of this program. For this purpose, the executive and supervisory processes of Central Bank’s sandbox have been assigned to Faranic Innovation Foundation.
According to this program, by using innovative infrastructure and a specialized approach, Faranic plays a key role in guiding and evaluating transformational governance plans. Also, this foundation provides the conditions to accelerate digital transformation in the country’s banking and payment system.
Alireza Mahyar, CEO of National Informatics Company, said in relation to Central Bank’s sandbox at the 11th modern banking and payment systems conference: Central Bank’s sandbox seeks to develop and facilitate businesses that have the ability to effectively transform and improve the country’s banking and payment system.
Mahyar emphasized that the National Informatics Group is trying to turn the regulatory sandbox into a suitable platform for hosting innovative projects in the field of financial, payment and banking technologies in cooperation with the Central Bank and using the capacities of Faranic. He also said: Of course, this is a turning point regarding smart regulation and support for governance technological innovations in the country’s financial industry.
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