SBP Wraps Up First Regulatory Sandbox Cohort, Four Fintechs Pass Tests
The State Bank of Pakistan completed its inaugural Regulatory Sandbox cohort, with four participants—including United Bank Limited—successfully demonstrating solutions for remittances and open banking.
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Desk Analysis
How This Affects the Exchange
Sector Effect
Positive · Buy bias
Banks sector, especially UBL, benefits from fintech collaboration – Buy bias on UBL.
Sectors & Direction
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Desk call: Buy bias · Positively affected
- BanksPositively affected
- TechnologyPositively affected
Companies
Companies Mentioned
- UBL· Positively affected · Buy bias
Mentions in This Briefing
Sectors: Banks, Technology — Positive · Buy bias. PSX tickers: UBL. Banks sector, especially UBL, benefits from fintech collaboration – Buy bias on UBL.
Full Story
Open on Business Recorder## SBP concludes inaugural Regulatory Sandbox cohort
The State Bank of Pakistan (SBP) announced on Tuesday that it has finished the first cohort of its Regulatory Sandbox, a programme launched in August 2025 under the SBP Vision 2028 framework.
## Focus areas and participants
The sandbox targeted three priority themes: - Technology‑enabled solutions for inward remittances - Open banking platforms - Remote onboarding of merchants
Six firms were shortlisted and invited to test their offerings between January and June 2026. Throughout the testing period, SBP provided regulatory guidance and technical support.
## Successful pilots
Four participants demonstrated viable solutions: - Taptap Send UK Limited in partnership with United Bank Limited (UBL) for an inward remittance product. - Digi Khata, Swich Retail, and Neem Exponential Financial Services for open‑banking applications.
SBP clarified that completing the sandbox does not equate to regulatory approval; the firms must still obtain formal authorisation before launching commercially.
## Outlook
SBP expects the sandbox to continue fostering collaboration between fintechs and banks, encouraging user‑centric, technology‑driven products that expand financial inclusion and improve service efficiency.
## Shariah‑compliant perspective
All participating solutions are required to adhere to Shariah principles, aligning with the growing demand for compliant digital financial services in Pakistan.