The sandbox approach came from the software development industry. It helps to test different aspects of the software in a dedicated test environment. The sandbox protects “production” software and data from the changes that could be damaging to a mission-critical system. The smart sandbox does not replicate all functionality of the production environment and gets only the components required for an experiment. The approach assumes finding the right balance between sandbox testing cost and a reasonable level of risk.
Today you may meet the sandbox approach not only in the software development industry. Central banks and governments around the world are adopting regulatory sandboxes. This approach allows live and typically time-bound testing of innovations under a regulator’s oversight. The first regulatory sandbox was launched in 2015 in the U.K., and now it is widely used around the world.
The advantages of regulatory sandboxes do not solve another challenge: FinTech solutions become more sophisticated. Today e-money and wallet startups need more business features on board to get a chance in the world of payments. In circumstances where it is unclear whether a new financial service survives in the market, it does not make any sense to invest significant money in the enterprise platform or the development team from day 1. At the same time, the startup can not enter the market without a viable feature set. How to do a pilot without significant investment? How to validate the market hypothesis fast?
Veengu Sandbox can help innovators overcome these challenges. It is a software platform provided for your project as SaaS with all basic e-money functionality and without significant customizations and integrations. We will create a dedicated environment configured for your business case. Our team will brand mobile apps and help with publishing apps in Google Play and App Store. You may request to add some unique functionality with the mocking of interfaces and secondary features. In the end, you receive a platform your team can use for a closed or public pilot project.
Veengu Sandbox enables risk-free idea testing and quick launch of your product. Having a pilot software solution helps to get more partnerships with other FinTech companies, banks, potential customers, and even investors.
Explore, create, and elaborate new business ideas with the Veengu Sandbox. Contact sales@veengu.com for more details today to take advantage of the cost-efficient Veengu solutions.
