The State Bank of Pakistan (SBP) said on Tuesday that it has shortlisted six entities, including a major commercial bank and an international fintech company, to test innovative financial technologies within its inaugural Regulatory Sandbox, a pivotal move aimed at modernising the nation”s digital financial services.
The selected participants for the first cohort will pioneer solutions in three key areas. For open banking, the chosen applicants are Neem Exponential Financial Services Private Ltd, Digi Khata (SMC-Private) Limited, and Swich Retail Private Limited. The Bank of Punjab was the sole entity selected for the theme of remote onboarding of merchants.
In the crucial area of technology-enabled solutions for inward remittances, the central bank greenlit proposals from Barq Fintech (Pvt) Ltd and a collaboration between the UK-based Taptap Send UK Limited and United Bank Limited.
These shortlisted firms will now proceed to a testing phase, where their proposed solutions will be evaluated in a controlled, live environment for a period of up to six months, subject to conditions specified at the time of approval.
The central bank’s initiative, launched with the issuance of guidelines in May 2025, is a core component of its Vision 2028. The call for applications in August 2025 attracted considerable interest from a wide array of organisations, including regulated financial institutions and both domestic and international financial technology companies.
To ensure transparent and effective governance of the programme, the SBP has established a high-level Steering Committee to supervise the entire process. The bank anticipates this sandbox will cultivate an environment conducive to the development and introduction of practical, user-centric technological advancements in the financial sector.