KARACHI: The State Bank of Pakistan (SBP) has announced the shortlisted applicants for the first cohort of its regulatory sandbox designed to promote digital banking.
In line with its Vision 2028, the central bank launched the sandbox to foster innovation in digital financial services with the issuance of guidelines in May 2025. Subsequently, the first cohort was announced in August 2025, inviting applications under the following themes:
The applicants were restricted to the given themes, which were technology-enabled solutions for inward remittances, open banking, and Remote onboarding of merchants.
The State Bank said it received strong interest from regulated financial institutions and local and international fintech companies. To ensure transparency and effective oversight, SBP has formed a high-level Steering Committee to oversee the entire process.
“The SBP is now pleased to announce the shortlisting of successful applicants for testing their proposed solutions under the sandbox,” said a SBP circular.
Applicants were Neem Exponential Financial Services Private Ltd (open banking); Digi Khata (SMC-Private) Ltd (open banking); Swich Retail Private Ltd (open banking); The Bank of Punjab (remote onboarding of merchants); Barq Fintech (Pvt) Ltd (technology-enabled solutions for inward remittances) and Taptap Send UK Ltd and United Bank Ltd (technology-enabled solutions for inward remittances).
Published in Dawn, January 7th, 2026
