Regulating for Innovation Supervisory Toolkit
The fast-paced changes in the financial sector are primarily driven by innovation and advancements in technology. Proactive engagement with the market will help policy makers and regulators build their understand of trends and allow them to effectively assess the opportunities new technologies present against any emergent risks.
Financial Sector Deepening (FSD) Uganda, through its Digital Transformation Project, provided technical assistance to build the capacity of the Insurance Regulatory Authority (IRA) to respond to the financial sector of the future. Through our support to IRA, adopted a risk-based tool in the approval process of new products and services; launched an industry newsletter to bridge the compliance gap, reduce regulatory uncertainty and engage more with innovators; and published regulatory sandbox guidelines.
The “Regulating for Innovation” toolkit, a result of collaborative efforts between IRA, FSD Uganda and FSD Africa, will provide guidance on how regulators, policy makers and development actors can meet the market’s evolving supervisory needs. Learn more about FSD Uganda’s partnership with IRA here.