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2.2

The fast evolving FinTech landscape where new and emerging FinTech solutions are becoming more diverse and sophisticated requires a responsive and progressive regulatory framework to facilitate the development, testing and adoption of promising FinTech innovations. In particular, the FinTech regulatory framework should encourage, rather than front-run innovation, should be tailored and proportionate to the materiality of the risks posed, and should be responsive to support time-to-market of new FinTech solutions in a cost-efficient environment.