In order to understand and assess the impact of new
technologies in the KSA’s FS market, as well as to help transforming the Saudi
market into a smart financial center, SAMA has designed a Regulatory Sandbox
which welcomes local as well as international firms wishing to test new digital
solutions in a ‘live’ environment with a view to deploy them in the KSA in the
SAMA's Sandbox directly connects with 'KSA's 2030 Vision' which endeavors to reinforce economic growth and investment activities. The 'KSA's 2030 Vision' has been further developed into 12 Executive Programs, which includes the 'Financial Sector Development Program' (FSDP). The FSDP program seeks to develop the financial industry as a diversified and effective financial services sector to support the development of the national economy by stimulating savings, finance and investment by, inter alia, enabling financial institutions to support private sector growth.
To this end, SAMA's Regulatory Sandbox aims to attract local and International FinTech businesses that are looking to leverage existing or new technology in an innovative way to deliver new financial products or services to KSA markets, or improve business processes. The target audience includes, but is not limited to, KSA and international Start-ups, FinTechs, established FS firms and professional services companies partnering with or providing support to such businesses.