State Bank of Pakistan concludes first regulatory sandbox cohort with four successful fintechs

Four participants passed testing phase

SBP confirmed that four entities successfully demonstrated their solutions during the program. Taptap Send UK Limited and United Bank Limited tested technology-enabled inward remittance tools, while Digi Khata, Swich Retail, and Neem Exponential Financial Services focused on open banking. The central bank provided support and guidance to all six shortlisted participants throughout the testing period.

Commercial launch requires separate approval

Successful completion of the sandbox does not grant immediate regulatory permission for commercial use. Participants must obtain proper authorisation from the State Bank before launching their products or services to the public. This requirement applies to all firms that finished the testing cycle without issues.

Program supports SBP Vision 2028 goals

The initiative aims to foster innovation in digital financial services under a controlled environment. Findings from this cohort will help develop relevant regulatory frameworks for the broader industry. The bank expects future cohorts to continue expanding financial services outreach and improving user experience.