To apply for the State Bank of Pakistan (SBP) Regulatory Sandbox, first check the current cohort notice, then complete SBP’s official Annexure A application form and prepare the supporting material requested in the current notice. SBP listed a “Regulatory Sandbox—Second Cohort” on October 2, 2026, but the listing available here does not establish its deadline, eligibility terms, fee, or submission route. Treat the live notice and final guidelines as authoritative; detailed instructions found in a separate draft should be verified before use.
What the SBP Regulatory Sandbox is—and is not
SBP describes the Regulatory Sandbox as a controlled environment where innovative financial products, services, and business models can be tested with regulatory guidance and safeguards before wider market entry. It is an application to a regulator-run testing program, not a startup grant or permission to operate an unrestricted financial service. SBP’s Innovation page describes the program’s purpose.
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Sandbox participation should not be treated as a permanent license, guaranteed approval, funding, or blanket authorization for commercial operations. The test remains subject to the conditions and safeguards SBP sets.
Who may be eligible?
The currently available second-cohort listing confirms that a notice appeared on SBP’s website on October 2, 2026, but it does not provide the cohort’s eligibility rules. Do not assume a company type or business model qualifies until you check the full current notice.
SBP’s official Annexure A form asks for information that helps describe the applicant and its regulatory position, including:
- Legal and trade names, registration number, and incorporation jurisdiction
- Applicable licenses or authorizations and countries of operation
- Management, sponsors, shareholders, and ultimate beneficial owners (UBOs)
- Integrity-related undertakings or disclosures and related companies
- Contact details and, where relevant, information about joint-application partners
These form fields are documentation categories, not proof that every organization providing them meets the active cohort’s eligibility requirements. SBP’s form says applicants may leave fields that do not apply to their proposition blank, and that SBP may request additional information. See the official Guidelines for Regulatory Sandbox, Annexure A.
SBP’s Innovation Hub ecosystem includes organizations such as banks, fintech startups, electronic money institutions, universities, research institutes, payment-system providers, and regulators. That broader ecosystem description is not a definitive eligibility list for the Regulatory Sandbox. SBP’s Innovation Hub page provides the related context.
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Use the following as a preparation checklist, not as a confirmed list of current-cohort requirements. The detailed checklist and submission instructions below come from a draft guideline, so verify them against the active cohort notice and final guidelines before filing. SBP draft Regulatory Sandbox guidelines.
- Completed application form: Fill in the official Annexure A fields that apply to your proposal, including organization, ownership, management, licensing, contact, and partner details.
- Proposition description: Explain the product, service, or business model you want to test, along with the applicant and UBO information requested in the draft checklist.
- Detailed testing plan: The draft identifies this as an attachment. As practical preparation, explain the proposed test, target users, boundaries, safeguards, success measures, and exit plan. Check the current notice for the final required contents.
- Corporate and regulatory records: The draft lists incorporation documents and a copy of any applicable license. For a joint application, it says to provide incorporation and licensing documents for each participating entity. It also says documents issued in a language other than English should be translated; verify this against final instructions.
- CEO-signed cover letter: The draft lists a letter expressing interest in testing the proposition and identifying any request for regulatory relaxation.
- Fee-submission proof: The draft checklist refers to proof that the application-processing fee was submitted. The current fee amount and payment method are not established by the second-cohort listing available here; confirm both in the live notice.
How to apply, step by step
- Open the current second-cohort notice. On SBP’s website, locate “Regulatory Sandbox—Second Cohort” and confirm the application window, cohort-specific eligibility, any fee and payment method, required forms, and the current submission route. The listing is dated October 2, 2026, but the details above are not established by that listing. SBP’s second-cohort listing.
- Check the final guidelines and form. Use SBP’s official Guidelines for Regulatory Sandbox and Annexure A. Confirm that you have the latest versions specified by the cohort notice.
- Complete the organization and ownership sections. Gather registration and incorporation details, licenses or authorizations where applicable, countries of operation, management, sponsors/shareholders/UBOs, related-company information, and a liaison contact. Include partner details if applying jointly.
- Write the proposition and test plan. Describe what you propose to test and how the test will be controlled. Make the intended users, scope, safeguards, measures of success, and exit arrangements easy to assess; treat these as useful planning elements unless the current notice makes them formal requirements.
- Attach the supporting records. Match every attachment to the current notice. The draft checklist includes incorporation records, applicable licenses, the CEO-signed cover letter, and proof of fee submission; do not rely on that draft list alone.
- Submit using the route stated for this cohort. Follow the live notice’s recipient, portal, or other submission instructions and retain a copy of the application and proof of submission.
Where to send the application
The draft guideline gives the following route: email the application to [email protected], addressed to the Director, Payment Systems Policy & Oversight Department, State Bank of Pakistan, 4th Floor, Main Building, I.I Chundrigar Road, Karachi–74000. This is draft-era information, not a confirmed route for the second cohort. Use it only if the current notice or final guidelines confirm it.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which SBP innovation channel fits?
The programs and channels serve different purposes. The available official descriptions distinguish them, but do not provide enough detail to determine current cohort eligibility or to select a route for a particular applicant without checking the live material.
Quick Recap
| Channel | What the available information establishes | What to verify |
|---|---|---|
| Regulatory Sandbox | Controlled testing of an innovative financial proposition with regulatory guidance and safeguards before wider market entry. SBP Innovation page. | Current cohort eligibility, test conditions, deadlines, fee, and application route in the live notice. |
| Innovation Hub | A broader engagement and innovation ecosystem involving financial institutions, startups, academia, payment-system providers, and other participants. SBP Innovation Hub page. | Whether a particular engagement or program is open and relevant; Hub participation does not itself establish sandbox eligibility. |
| Raast Technical Sandbox | A distinct technical testing environment, separate from the Regulatory Sandbox. The available Innovation Hub result described it as in design phase when indexed; that status may have changed. SBP Innovation Hub page. | Its current status, technical scope, and participation process. |
Common application mistakes to avoid
- Using an old deadline or fee rather than the terms in the active cohort notice.
- Treating the draft email address and document checklist as confirmed current instructions.
- Assuming that being part of the Innovation Hub ecosystem automatically qualifies an organization for a sandbox cohort.
- Describing sandbox entry as a permanent license or unrestricted authority to launch.
- Leaving applicable ownership, licensing, partner, or contact details incomplete; SBP may ask for further information.
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