The Saudi Central Bank (SAMA) launched the enhanced Regulatory Sandbox Service through its e-services portal, as part of its ongoing efforts to support the financial sector and innovators in developing advanced financial solutions.
The enhanced service aims to improve applicant experience by offering fully integrated, automated processes, along with an advanced system for submitting and tracking applications. This enables a more streamlined and flexible onboarding process.
SAMA emphasized that the launch reflects its continued commitment to strengthening a regulatory environment that fosters innovation in the financial sector, enabling companies and financial institutions to access the Regulatory Sandbox more efficiently, while supporting the growth of the fintech ecosystem in Saudi Arabia.
This enhancement comes in light of the increasing demand to test innovative business models and concepts under SAMA’s supervision, in alignment with the developments of the FinTech sector. The service can be accessed through the e-services portal on SAMA’s website.
Source: Riyadh Daily