KARACHI: The State Bank of Pakistan has concluded the first cohort of its Regulatory Sandbox, with selected fintech companies and financial institutions testing technology-based solutions for remittances, open banking and merchant onboarding.
The central bank launched the Regulatory Sandbox in August 2025 under SBP Vision 2028 to provide a controlled environment for testing innovative financial products and services.
According to an SBP statement issued Tuesday, the first cohort focused on technology-enabled inward remittances, open banking and remote onboarding of merchants.
Six Participants Selected for Controlled Testing
SBP shortlisted six participants and invited them to test their solutions between January and June 2026. During the process, central bank teams provided regulatory guidance and other necessary support.
According to SBP, four participating initiatives successfully demonstrated their solutions. Taptap Send UK Limited and United Bank Limited tested a remittance solution, while Digi Khata, Swich Retail and Neem Exponential Financial Services participated in open-banking testing.
However, the central bank stressed that successfully completing sandbox testing does not amount to regulatory approval.
Consequently, participants must obtain the required SBP authorisation before commercially launching any product or service tested through the programme.
SBP Eyes Wider Innovation in Financial Services
Going forward, SBP expects the Regulatory Sandbox to support fintech companies, banks and other industry participants in developing practical, user-focused and technology-enabled financial services.
Moreover, the central bank expects the initiative to encourage innovation while allowing regulators to assess emerging financial technologies in a controlled setting.
SBP said the programme could ultimately help expand access to financial services while improving operational efficiency and customer experience.
The sandbox forms part of the central bank’s broader Vision 2028 strategy, which seeks to modernise Pakistan’s financial sector while maintaining appropriate regulatory oversight of emerging technologies.
