Digital Policy Alert logo

Saudi Arabia: Regulatory Sandbox Framework for Financial Institutions and Fintechs

Progress

Current status
in force
06 Sep 2022 in force
31 Aug 2022 adopted
11 Feb 2019 adopted

Scope

Implementers
Saudi Arabia
Policy Area
Authorisation, registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
central bank
Implementation Level
national

Timeline of events

06 Sep 2022
in force

Implemented Updated Regulatory Sandbox for Financial Institutions and Fintechs

On 6 September 2022, the Saudi Central Bank (SAMA) - in collaboration with FinTech Saudi - implemented the update to the Regulatory Sandbox Framework by starting to accept applications. The sandbox is a tool that was developed as part of Vision 203…

Source
Event type outline
Action type implementation
Government branch executive
Government body central bank
31 Aug 2022
adopted

Adopted Updated Regulatory Sandbox for Financial Institutions and Fintechs

On 31 August 2022, the Saudi Central Bank (SAMA) - in collaboration with FinTech Saudi - announced an update to the Regulatory Sandbox Framework. It is a tool that was developed as part of Vision 2030. The sandbox's function lies in giving financial…

Source
Event type outline
Action type adoption
Government branch executive
Government body central bank
11 Feb 2019
adopted

Adopted Regulatory Sandbox for Financial Institutions and Fintechs

On 11 February 2019, the Saudi Monetary Authority (SAMA) announced the Regulatory Sandbox Framework. It is a tool that was developed as part of Vision 2030. Vision 2030 is an all-encompassing blueprint that covers many development goals for Saudi Ar…

Source
Event type outline
Action type adoption
Government branch executive
Government body central bank