SBP Clarifies Rules for Fintechs After Sandbox Testing

In practice, the State Bank of Pakistan has clarified that successfully completing regulatory sandbox testing does not mean a product or service has received regulatory approval.

Key points

• The SBP introduced the first cohort of its regulatory sandbox in August 2025 under its Vision 2028 initiative to backing innovation in digital financial services.
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• Taptap Send UK Ltd and United Bank Ltd tested technology enabled solutions for inward remittances.
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• The first cohort focused on three areas: technology enabled solutions for inward remittances, open banking and remote onboarding of merchants.

Meanwhile, the central bank remarked successful participants must obtain the required authorization and approval from the SBP before commercially launching any product or service tested through the sandbox.

For context, the SBP introduced the first cohort of its regulatory sandbox in August 2025 under its Vision 2028 initiative to backing innovation in digital financial services. The sandbox allows new financial solutions to be tested in a controlled environment under the central bank's regulatory oversight. Govt Procurement System Allegedly Fails at PIMS.

For context, the first cohort focused on three areas: technology enabled solutions for inward remittances, open banking and remote onboarding of merchants. After an evaluation process, the SBP shortlisted six participants to test their solutions between January and June.

Meanwhile, the central bank remarked its teams provided regulatory guidance and backing throughout the testing period. After the completion of the cohort, four participants successfully demonstrated their solutions.

Taptap Send UK Ltd and United Bank Ltd tested technology enabled solutions for inward remittances. While Swich Retail Private Ltd and Neem Exponential Financial Services (Pvt) Ltd additionally successfully tested open banking solutions, digi Khata (SMC Private) Ltd tested an open banking solution.

For context, the SBP remarked the findings, lessons and regulatory recommendations from the first cohort would assist it develop relevant regulatory frameworks for the broader financial industry. Stay Connected with ProPakistani.

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For now, SBP Clarifies Rules for Fintechs After Sandbox Testing remains the part of the story worth watching, and further updates are likely as more details are confirmed.