SBP Shortlists 6 Firms for Live Testing of Digital Solutions in its Sandbox Initiative

The State Bank of Pakistan (SBP) has received strong interest from regulated financial institutions as well as local and international fintech companies under various themes of its Regulatory Sandbox initiative.

To ensure transparency and effective oversight, the SBP has constituted a high-level Steering Committee has been created to supervise the entire sandbox process.

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

For the Remote Onboarding of Merchants theme, the Bank of Punjab has been shortlisted. Meanwhile, Barq Fintech (Private) Limited, along with Taptap Send UK Limited, in partnership with United Bank Limited, has been selected under the Technology-Enabled Solutions for Inward Remittances category.

According to the central bank, the shortlisted participant institutions will be allowed to test their proposed solutions in a controlled live environment for a period of up to six months, subject to specific conditions outlined at the time of approval.

The SBP said it expects the Regulatory Sandbox initiative to promote innovation by enabling the development and introduction of practical, user-centric technological solutions in Pakistan’s financial sector, while maintaining regulatory oversight and financial stability.