KARACHI – The State Bank of Pakistan has issued draft guidelines on the Regulatory Sandbox for public consultation.
The regulatory sandbox provides a controlled environment for innovators to test innovative products, business models, and technologies while regulators understand their financial stability and consumer protection.
The draft guidelines allow SBP-regulated entities, FinTechs, and startups to participate in regulatory sandbox for testing new products, business models etc.
As envisioned in SBP Vision 2028, the regulatory sandbox will encourage innovation in digital financial services and facilitate the existing and new market participants to build a robust digital payments ecosystem in Pakistan.
Similarly, it will help SBP to issue instructions and regulations for new and innovative FinTech solutions, ultimately resulting in increased financial and digital inclusion in the country.
This initiative will also strengthen SBP’s engagement with stakeholders in shaping the future of the financial industry.
SBP has therefore invited banks, FinTechs, industry experts, the public and all interested parties to participate in the consultation process.
SBP has asked interested parties to give feedback on or before January 8, 2024.
