- Saudi Central Bank Launches Upgraded Regulatory Sandbox Through Its Digital Services Portal
- The new service aims to support the Kingdom’s financial sector and foster innovation.
- The initiative comes amid growing demand for testing innovative business models and concepts.
The Saudi Central Bank (SAMA) has launched an upgraded Regulatory Sandbox service through its electronic services portal, as part of its ongoing efforts to enhance enablement in the financial sector and support innovators in developing innovative financial solutions.
Objectives of the New Service
The new service aims to improve the experience of applicants seeking admission to the Regulatory Sandbox by offering a fully integrated electronic process and an enhanced application and tracking system, making it easier for applicants to join the program with greater flexibility.
SAMA stated that the launch of the upgraded service reflects its continued commitment to developing a regulatory environment that supports innovation in the financial sector, enabling companies and financial institutions to access the Regulatory Sandbox more efficiently while fostering the growth of the Kingdom’s fintech ecosystem.
The launch of the upgraded Regulatory Sandbox service comes amid increasing demand for testing innovative business models and concepts within the scope of the Saudi Central Bank’s mandate, in line with the rapid developments in the financial technology sector.
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