The Saudi Central Bank (SAMA) has launched an upgraded e-services portal for its regulatory sandbox.

The enhanced platform introduces automated processes and an advanced application tracking system to streamline onboarding for fintech companies and financial institutions.

SAMA designed the improvements to help applicants access the testing environment more efficiently, supporting its broader efforts to strengthen Saudi Arabia’s fintech ecosystem by simplifying the process of testing innovative financial solutions.

SAMA introduced the regulatory sandbox in 2018 to allow local and international fintech companies and financial institutions to test new financial products and services in a controlled environment.

Since then, the sandbox has supported the testing of various models, including open banking and peer-to-peer lending solutions.

The upgraded service is now available through SAMA’s e-services portal, with the regulator noting that the update responds to growing demand from companies seeking to test emerging financial business models under supervision.

Featured image credit: Edited by Fintech News UAE, based on image by MDROTONALI via Magnific