The Saudi Central Bank (SAMA) on Wednesday announced that it has updated the Framework of its Regulatory Sandbox.
The move is part of its efforts to achieve several national strategic goals by promoting the regulatory sandbox's involvement in the Financial Sector Development Program (FSDP), a key objective of the Saudi Vision 2030.
The program aims 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 array of financial services, SAMA said in a statement.
Moreover, 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.
The central bank also indicated that the strategy will support a broad range of Fintech activities through several initiatives serving as catalysts for change, the most notable of which is having its framework updated, as it will allow Fintech companies to submit regulatory sandbox applications as of Sept. 6.
SAMA launched the regulatory sandbox initiative in 2018 to garner the participation of local, regional and international FinTech institutions and companies.
The initiative proved to be very successful as it enabled SAMA to adopt many services and products by issuing instructions and regulations, as well as launching many of those products and services to clients within the financial sector.
The number of regulatory sandbox-certified companies reached 38.
This transition will allow applicants to apply to the Regulatory Sandbox when they are ready.
