The State Bank of Pakistan (SBP) has issued the guidelines for the Regulatory Sandbox (RSB) under the Payment Systems and Electronic Fund Transfers (PS&EFT) Act, 2007.
The objective of these guidelines is to facilitate new and existing entities, including startups, to test their financial solutions under a controlled regulatory environment.
The State Bank of Pakistan (SBP) is setting up a Regulatory Sandbox that will work in groups based on specific innovation themes. SBP will soon start accepting applications for the first group, and the theme for this group will be announced by the end of June after ongoing discussions with the market are completed.
This Sandbox will let participants try out new products and business models using advanced technology and ideas. It will also help SBP improve and update its rules to keep up with these changes.
SBP is encouraging everyone with creative financial ideas or products to use this platform and support the growth of Pakistan’s fintech and digital finance sectors.
