KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued instructions for the regulatory sandbox to facilitate new and existing entities, including startups, to test their financial solutions under a controlled regulatory environment.
“In line with its Vision 2028, the SBP has issued the Guidelines for the Regulatory Sandbox (RSB) under Section 3 of the Payment Systems and Electronic Fund Transfers (PS&EFT) Act, 2007,” the SBP said in a statement. The sandbox will follow a cohort-based approach centred around innovative themes, it said.
“The SBP will soon invite applications for participation in its first cohort. The themes of the first cohort will be announced by the end of June after completing the market engagement, which is already underway,” it added. The sandbox will enable the participants to test their products and the associated operational models around innovative ideas and technologies. It will also help SBP in refining and upgrading the regulatory environment in line with the evolving innovative technologies.
The SBP welcomes and encourages all 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.
