SBP launches a Regulatory Sandbox under Vision 2028 to test fintech innovations, boost remittances and shape future digital finance regulations.
The State Bank of Pakistan (SBP) has rolled out a Regulatory Sandbox program under its Vision 2028 roadmap, aiming to strengthen digital finance, attract more remittances and encourage fintech innovation.
In a notice issued Monday, the central bank shared that the first batch of the sandbox will target three focus areas:
- Digital tools to support remittance inflows
- Frameworks for open banking
- Remote merchant onboarding solutions
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According to State Bank of Pakistan, the controlled environment will let startups, fintechs and established financial players test out their products and business models, while allowing regulators to study potential risks and adjust policies to keep pace with new technologies.
Applications for the initial cohort are open from August 25 to October 5.
State Bank of Pakistan added that companies selected for the sandbox will get guidance and feedback during the testing phase, helping them improve their ideas before launching on a larger scale. This will also give the central bank a clearer view of the risks and opportunities that come with new financial technologies.
