Saudi Central Bank Starts Receiving Regulatory Sandbox Applications

The Saudi Central Bank (SAMA) has started to receive applications to test the innovative financial technology (fintech) services and products in the experimental regulatory environment "Regulatory Sandbox" until Feb. 13. On Dec. 15, 2019, SAMA announced that it started to receive the "Regulatory Sandbox" applications, according to data compiled by Argaam.

The sandbox aims to attract local and international fintech institutions and companies to benefit from the state-of-the-art technology, so that they can provide innovative financial services to start-ups, fintech companies, financial services firms and professional services companies in Saudi Arabia.