As part of its Vision 2028, the State Bank of Pakistan (SBP) has introduced the Guidelines for the Regulatory Sandbox (RSB) under Section 3 of the Payment Systems and Electronic Fund Transfers (PS&EFT) Act, 2007. These guidelines aim to support both new and existing entities, including startups, by providing a controlled regulatory environment where they can test and refine their financial solutions.
The Regulatory Sandbox will follow a cohort-based approach centered around innovative themes. SBP will soon invite applications for participation in its first cohort. The theme(s) of the first cohort will be announced by end June after completing the market engagement, which is already underway.
The Regulatory Sandbox will enable the participants to test their products and the associated operational models around innovative ideas and technologies. The Sandbox will also help SBP in refining and upgrading the regulatory environment in line with the evolving innovative technologies.
SBP welcomes and encourages all the interested parties to use the RSB platform to test their innovative ideas and products and contribute to Pakistan’s evolving Fintech landscape and digital financial ecosystem.
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