In line with SBP Vision 2028, the State Bank of Pakistan (SBP) launched the First Cohort of its Regulatory Sandbox in August 2025 to foster innovation in digital financial services by testing innovative solutions in a controlled environment under the regulatory oversight of SBP. The first cohort focused on three themes: technology-enabled solutions for inward remittances, open banking, and remote onboarding of merchants.

After extensive scrutiny, SBP shortlisted six (06) participants and invited them to test their solutions in the sandbox from January to June 2026. Throughout the cohort, SBP teams provided necessary support and regulatory guidance to the participants. Upon completion of the testing period, the following participants successfully demonstrated their solutions:

Successful completion of sandbox testing does not imply regulatory approval, and successful participants must obtain proper authorization and approval from SBP before commercially launching the product or service tested in the Sandbox.

The findings, learnings, and regulatory recommendations from Cohort-1 will help SBP develop relevant regulatory frameworks for the benefit of the broader industry. Going forward, SBP anticipates that the Regulatory Sandbox will continue to facilitate industry players, including fintechs and banks, in the development and introduction of innovative, practical, user‑centric and technology-enabled solutions for expanding the financial services’ outreach and improving efficiency and user experience.