Saudi Central Bank updates its Regulatory Sandbox Framework

Saudi Central Bank updates its Regulatory Sandbox Framework

Riyadh: The Saudi Central Bank (SAMA) announced that it has updated the Framework of its Regulatory Sandbox.

The step was taken as part of SAMA’s efforts to achieve several national strategic goals through the promotion of the Regulatory Sandbox’s involvement in the Financial Sector Development Program (FSDP), a key objective of the Saudi Vision 2030, which is aiming to develop the kingdom’s economy, diversify its sources of income, enable financial institutions to support the growth of the private sector, and allow new companies to provide their own array of financial services.

The updated framework will also support the objectives of the FinTech strategy by making the Kingdom one of the world’s leading countries in the field, and it will contribute to the economic empowerment of the Saudi society and its citizens by promoting further innovations in technology-based financial services.

Operating within a holistic framework, the strategy will support a broad range of FinTech activities through several initiatives serving as catalysts for change, the most notable of these initiatives is having its framework updated; as it will allow FinTech companies to submit Regulatory Sandbox applications as of the 6th of September 2022.

SAMA launched the Regulatory Sandbox initiative back in 2018 to garner the participation