SAMA to Lay Ground for Sandbox Regulatory Environment for Innovative Financial Services Market

Riyadh, Saudi Arabian Monetary Agency (SAMA) has begun designing a tentative Sandbox regulatory environment, to understand and assess the impact of new technologies, on the financial services market, in the Kingdom.

The step aims at transforming the market into a technically smart financial center, allowing local as well as international companies, wishing to test new digital solutions, to enter the environment, to be launched in the Kingdom, in the future

In addition, it intends to achieve a number of strategic objectives such as linking the pilot environment and the institution, directly, with the Vision of the Kingdom 2030, as the vision seeks to promote economic growth, enhance investment activities, move towards a non-monetary society and promote the principle of financial inclusion.

Source: Saudi Press Agency