The State Bank of Pakistan has clarified that successfully completing regulatory sandbox testing does not mean a product or service has received regulatory approval.
The central bank said successful participants must obtain the required authorization and approval from the SBP before commercially launching any product or service tested through the sandbox.
The SBP launched the first cohort of its regulatory sandbox in August 2025 under its Vision 2028 initiative to support 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.
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.
The central bank said its teams provided regulatory guidance and support throughout the testing period. Following 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. Digi Khata (SMC Private) Ltd tested an open banking solution, while Swich Retail Private Ltd and Neem Exponential Financial Services (Pvt) Ltd also successfully tested open banking solutions.
The SBP said the findings, lessons and regulatory recommendations from the first cohort would help it develop relevant regulatory frameworks for the broader financial industry.
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