SBP shortlists applicants for first cohort of regulatory sandbox

The State Bank of Pakistan (SBP) on Tuesday announced the shortlisted applicants for the first cohort of its Regulatory Sandbox, a key initiative under its Vision 2028 to promote innovation in digital financial services.

The central bank said it had launched the Regulatory Sandbox with the issuance of guidelines in May 2025, followed by the announcement of the first cohort in August 2025. The central bank invited applications under three themes: technology-enabled solutions for inward remittances, open banking, and remote onboarding of merchants.

According to the SBP, the initiative attracted strong interest from regulated financial institutions as well as local and international fintech companies.

READ MORE: SBP seeks fintech ideas for sandbox initiative

To ensure transparency and effective oversight, the central bank constituted a high-level steering committee to supervise the entire process.

The SBP said the following applicants have been shortlisted to test their proposed solutions under the sandbox framework:

Neem Exponential Financial Services Private Limited, Digi Khata (SMC-Private) Limited, and Swich Retail Private Limited under the open banking theme; the Bank of Punjab under remote onboarding of merchants; and Barq Fintech (Pvt) Limited, along with Taptap Send UK Limited, in partnership with United Bank Limited, under technology-enabled solutions for inward remittances.

READ MORE: Regulatory Sandbox: State Bank of Pakistan issues guidelines

The shortlisted participants will be allowed to test their proposed solutions in a controlled live environment for up to six months, subject to conditions specified at the time of approval.

The SBP said it expects the Regulatory Sandbox to help create an enabling environment for the development and rollout of practical, user-centric technological solutions, contributing to innovation and efficiency in Pakistan’s financial sector.