KARACHI: The State Bank of Pakistan (SBP) announced on Tuesday the shortlisted applicants who will be testing their proposed solutions under the regulatory sandbox, a statement said.
As part of its Vision 2028, the SBP launched a regulatory sandbox to foster innovation in digital financial services, issuing guidelines in May 2025. The first cohort was announced in August 2025, inviting applications across various themes, including technology-enabled solutions for remittances, open banking and remote merchant onboarding.
The SBP received strong interest from both regulated financial institutions andlocal and international fintech companies. To ensure transparency and effective oversight, the SBP established a high-level steering committee to oversee the entire process.
Six applicants have been shortlisted: Neem Exponential Financial Services Private Ltd (open banking), Digi Khata (SMC-Private) Limited (open banking), Swich Retail Private Limited (open banking), The Bank of Punjab (remote onboarding of merchants), Barq Fintech (Pvt) Ltd (technology-enabled solutions for inward remittances), and Taptap Send UK Limited & United Bank Limited (technology-enabled solutions for inward remittances).
“The shortlisted participants will test their proposed solution within a controlled live environment for up to six months, subject to conditions specified at the time of approval, the central bank said in the statement.
“The SBP anticipates that the Regulatory Sandbox initiative will foster an environment conducive to the development and introduction of practical, user-centric technological solutions in the financial sector,” it added.
