Cultivating Innovation Through Regulatory Sandboxes
The rapid growth of innovation has forced Governments all over the world to adapt and reconsider the traditional way of regulation. The inability to fit policies and regulatory frameworks to cater to emerging industries have resulted in ineffective and inconsistent regulatory controls.
The classic case of Uber for public transportation and Airbnb for tourist accommodation signified the ‘writing on the wall’ for the impending regulatory revolution. In this article, Mohamad Izahar Mohamad Izham and Amiza Ahmad Murad of the Corporate & Government Advisory Practice of Zaid Ibrahim & Co. (a member of ZICO Law) look into regulatory sandboxes as a means to balance business innovation and regulatory oversight.