Annotation

In the research the experience of using the global regulatory sandbox mechanism to implement advanced fintech technology in foreign countries was analyzed. The cross-border testing has some advantages for regulatory authorities (development of approaches to regulating new business models, selection of interesting and necessary project and technologies at the national level), for FinTech and TechFin companies in terms of scaling up the business, gaining experience in direct interaction with regulators. The cross-border testing can be used on the basis of international cooperation such as BRICS and SCO, that seems to be a more effective mechanism for implementation and scaling of innovations in the financial sector than creation of unified standards.