In development of what is established in the National Development Plan 2018 – 2022, by means of which the possibility of creating companies dedicated to implementing innovative technological developments and obtaining a certificate to operate temporarily in order to carry out activities typical of financial entities was established Overseen by the Financial Superintendency of Colombia, the National Government issued Decree 1234 of 2020, through which it regulates the objectives, requirements and stages of operation of the controlled test space (sandbox), in order to promote innovation in the provision of financial services and at the same time facilitate the identification of new financial developments for supervisory and regulatory authorities.
The controlled test space (sandbox) is a tool that allows interested entities temporarily to test innovative technological developments in the provision of services and activities of financial institutions under the supervision of the Financial Superintendency of Colombia. Within the aforementioned regulation, the objectives that each technological development must meet are set, always with a view to innovation in the provision of financial services and products, safeguarding in any case the integrity and stability of the financial system and ensuring protection at all times. of the interests of financial consumers.
In this way, for acceptance in the controlled test space, it must be demonstrated that the development seeks to increase efficiency in the provision of services or offering financial products, solve a problem for financial consumers, facilitate financial inclusion, improve compliance. regulatory framework, develop financial markets or improve their competitiveness, as well as that it is sufficiently advanced and ready to be tested and that financial services will be provided in Colombia.
Likewise, the requirements that the interested parties must meet for the presentation of the application to enter the controlled test space are regulated before the Financial Superintendency of Colombia, who will be in charge of reviewing the applications and issuing, in case of finding the requirements fulfilled. , the temporary operation certificate, which corresponds to the starting point to start the tests and which in no case will have an initial term of more than two (2) years. The Financial Superintendence of Colombia will exercise the inspection, surveillance and control of the participants of the controlled test space at all times.
Any analysis carried out by the Financial Superintendency regarding the procedures and requests related to the controlled test space will be subject to a principle of proportionality, which will vary according to the risks and characteristics of each proposed technological development.
Finally, the different options that are presented before the end of the temporary operation certificate are regulated, among which are, the transition to the license of financial, stock market or regulated insurance company and its corresponding plan of adjustment to the activity or its dismantling, and the procedures to be followed in any of the two (2) cases.