SBP Shortlists Fintech Firms for Regulatory Sandbox to Drive Financial Innovation

The State Bank of Pakistan (SBP) has attracted strong interest from regulated financial institutions as well as local and international fintech companies under different themes of its Regulatory Sandbox initiative, aimed at encouraging innovation in the financial sector.

To ensure transparency and effective governance, the central bank has formed a high-level Steering Committee that will oversee the entire sandbox process, including evaluation, monitoring, and regulatory compliance.

According to the SBP, six applicants have been shortlisted across three thematic areas. Under the Open Banking category, selected participants include Neem (Exponential Financial Services Private Limited), Digi Khata (SMC-Private) Limited, and Swich Retail Private Limited.

In the Remote Onboarding of Merchants theme, the Bank of Punjab has been shortlisted to test its proposed digital onboarding solution. Meanwhile, Barq Fintech (Private) Limited, along with Taptap Send UK Limited in partnership with United Bank Limited (UBL), has been selected under the Technology-Enabled Solutions for Inward Remittances category.

The central bank stated that shortlisted participants will be allowed to test their solutions in a controlled live environment for up to six months, subject to specific terms and conditions set out at the time of approval.

SBP emphasized that the Regulatory Sandbox is designed to support innovation, consumer-focused financial products, and digital transformation, while ensuring regulatory oversight and maintaining financial stability within Pakistan’s banking and financial system.

PK Public News provide you the latest news from all over the Pakistan so also follow our Facebook, TikTok and Instagram.

Facebook: https://www.facebook.com/share/1Qy8uykxRF/

TikTok: https://www.tiktok.com/@pk.public.news?_r=1&_t=ZS-92jAYEeLTKj

Instagram: https://www.instagram.com/pkpublicnews_1022?igsh=c3AwcnYxYnVpdm45