Ohio Launches Program to Test Financial Products Services

COLUMBUS, Ohio – The Ohio Department of Commerce’s Division of Financial Institutions has officially launched the state’s Regulatory Sandbox program. Entrepreneurs in the banking space will have an opportunity to test products such as consumer loan products or money transmission services before further expansion. These types of products incorporate new or emerging technology, or reimagine the use of existing technologies, to address a problem, provide a benefit or otherwise offer a product, service, business model or delivery mechanism that is not widely available to consumers. A financial product or service cannot be a securities product or an insurance product. Existing…