Saudi Central Bank Updates Its Regulatory Sandbox Framework to Drive Innovation1. September 2022
The Saudi Central Bank (SAMA) announced that it has updated its Regulatory Sandbox framework as part of its efforts to achieve national strategic goals in the Financial Sector Development Programme (FSDP), a key objective of the Saudi Vision 2030.
The updated framework will also support the objectives of the fintech strategy and contribute to the economic empowerment of the Saudi society and its citizens by promoting further innovations in technology-based financial services.
SAMA launched the Regulatory Sandbox initiative back in 2018 to garner the participation of local, regional and international fintech institutions seeking to provide innovative financial products and services to Saudi markets. The initiative proved to be successful with 38 certified companies so far.
Applications are now open for both local and international fintechs as of 6 September 2022, this includes entrepreneurs, non-regulated companies and existing regulated entities.
The updated framework moves the sandbox from a cohort-based approach to an “Always Open approach” which will give greater flexibility to those applying.
SAMA in cooperation with non-profit organisation Saudi Fintech, will hold an introductory workshop on the updated regulatory framework for the legislative experimental environment in the coming days.