The Regulatory Sandbox of SECP – a technology-driven initiative – received a positive response from a wide range of innovators including well-established entities, foreign companies, and start-ups.
These entities submitted their proposed solutions and business models in the areas of Insurance, Non-Banking Finance Sector, and Capital Markets.
SECP received a total of 32 applications in which business schemes related to equity, real estate, donation, and reward-based crowdfunding projects, digital insurer and insurance brokerage models, automated death claims intimation, digital gold-selling platform, peer to peer lending and schemes related to E-money and digital currency, etc were proposed.
In addition, applications for the digitalization of Rotating Savings and Credit Association (ROSCA), Digital Identity/ KYC Platform, a centralized online platform for mutual funds were also received.
SECP has completed preliminary screening of the applications received under First Cohort of Regulatory Sandbox and has accordingly communicated results to the applicants. Out of 32 applications, 13 have been accepted for next stage of detailed evaluation, whereby these ideas will be meticulously reviewed and evaluated by the commission which shall include live demonstrations of proposed technology solutions/platforms and processes aimed at assessing the ability and readiness of the proposed solutions to be launched in the live testing environment.
Applicants succeeding in this stage after thorough evaluation will be allowed by the commission to participate in the Regulatory Sandbox and operate in accordance with the approved guidelines for the period of up to six months.