The Financial and Capital Market Commission in Riga has established a so-called innovations sandbox, a single source of information through which firms can learn about IT-related developments and the opportunities they offer and contact some experts directly.

The "information environment Innovations Sandbox" appears to be a website. It is aimed at would-be and existing developers and providers of 'innovation services' (whatever those are) and is intended to help them a broad, objective and clear view of things they have to do to acquire licences or registration. The FCMC will use the site to answer "important questions frequently asked" about the provision of innovative financial services in Latvia.

Yesterday Gunta Razāne, the FCMC's deputy chair, said that the regulator came to a decision about the project after a series of debates entitled "FCMC Dialogue" and added that these debates were "successfully started this year," which means that they must have been super-fast. She expressed a hope that the FCMC’s new "virtual environment Innovations Sandbox" - almost certainly the same thing as the "information environment" one - would serve as a platform for debates and facilitate a direct dialogue between the regulator and market players on the subject of financial technology.

The virtual sandbox/website provides information on the requirement for a licence/ permit to provide an innovative service, explanations about legal requirements and their interpretation - all to be provided by the FCMC's experts. The 'environment' (website) also offers opinions "and definitions" related to innovative financial service IT.