SECP’s regulatory sandbox – a technology-driven initiative – received a positive response from a wide array of innovators including well-established entities, foreign firms, and start-ups.
These individuals presented their proposed solutions and business models in the Insurance, Non-Banking Finance, and Capital Markets sectors.
SECP provided a total of 32 applications proposing business schemes related to equity, immovable property, donation, and reward-based crowdfunding ventures, digital insurer, and insurance brokerage models, automated death claims intimation, digital gold trading network, peer-to-peer loans, and e-money and digital currency schemes, etc.
Additionally, applications were also received for the digitization of the Revolving Savings and Credit Association (ROSCA), Digital Identity / KYC Network, a centralized online mutual fund network.
SECP has completed initial screening of applications received under the First Cohort of Regulatory Sandbox and submitted results to the applicants accordingly.
Applicants who advance at this point after a comprehensive review will be permitted to participate in the Regulatory Sandbox by the commission and operate for a period of up to six months in compliance with approved guidelines.