SEC allows homegrown fintech into sandbox
The Securities and Exchange Commission (SEC) has given the green light to a dry run of Blockshoals Technologies Inc.’s financial products and services in a controlled environment.
In a statement on Tuesday, the SEC said its commission en banc had approved the entry of Blockshoals into the regulatory sandbox.
The SEC’s strategic sandbox is a regulatory tool that allows participants to test their new product, service or business model in a controlled setting. This prevents “real-world” consequences, although their proposal must not be prohibited under Philippine law.
This was introduced under SEC Memorandum Circular No. 9 Series of 2024, which officially launched the corporate watchdog’s Stratbox project.
Blockshoals, a homegrown financial technology firm, teamed up with a global crypto exchange to operationalize its sandbox testing.
The testing period will run for 24 months, but this remains subject to review.
The number of companies trying out their products and services in the sandbox is now up to four. Two are linked to the offering of US equities and another focuses on tokenized real estate.
“The SEC continues to review other applications, and remains open to receiving more proposals for its regulatory sandbox, as part of the Commission’s commitment to advancing innovations in the capital market,” it said.
Last June, Indonesia-based Macodimarc Technology Corp. (Pluang PH) and G-XChange Inc., the operator of e-wallet giant GCash, received clearance from the SEC to enter the strategic sandbox.
