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To apply for a State Bank of Pakistan (SBP) Regulatory Sandbox cohort, email the formal application to [email protected]. Address it to the Director, Payment Systems Policy & Oversight Department, State Bank of Pakistan, 4th Floor, Main Building, I.I Chundrigar Road, Karachi – 74000. Include the required cover letter, applicant and proposition information, testing plan, corporate and applicable licensing documents, proof of fee submission, and any request for regulatory relaxation.
Check the current cohort notice first
SBP’s website lists an announcement titled “Regulatory Sandbox-Second Cohort,” dated October 2, 2026. The listing does not establish the application deadline, focus areas, fee, or whether the standing procedure has changed. Read the cohort announcement itself before preparing or sending an application; the listing alone is not confirmation that applications are open. SBP website
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The standing submission procedure is set out in SBP’s Guidelines for Regulatory Sandbox. Follow any additional or updated instructions in the cohort notice.
Check which applicant route applies
SBP’s guidelines do not limit participation to entities already licensed by SBP. They describe applications from SBP-regulated entities, entities licensed by other regulators in Pakistan, and non-licensed applicants, including alternative participation routes. The route depends on the applicant’s legal and regulatory status; eligibility does not guarantee selection or a license. Review the full guidelines to identify the route that fits your organization. SBP Guidelines for Regulatory Sandbox
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If applying jointly, prepare incorporation documents and applicable licenses for each participating entity.
Prepare the application package
SBP’s guidelines list these formal application materials:
- CEO-signed cover letter: State the applicant’s interest in testing the proposition in the sandbox.
- Proposition and applicant information: Provide details about the proposition, applicant, and ultimate beneficial owner (UBO) using the information requirements in Annexure A.
- Detailed testing plan: Explain the proposed test and how it will be conducted.
- Incorporation documents: Include the applicant’s corporate documents; for a joint application, include them for each participating entity.
- Applicable license: Include a copy if the applicant is licensed. Joint applicants should provide applicable licenses for each participant.
- Fee-submission proof: Include evidence that the application processing fee was submitted. The guideline information available here does not establish the amount or acceptable payment evidence, so check the cohort notice or confirm with SBP.
- Regulatory-relaxation request: Include a request if the proposal seeks relaxation from regulatory requirements.
Documents issued in a language other than English must be properly translated, as specified in the guidelines. SBP Guidelines for Regulatory Sandbox
Submit the formal application
- Address the application to The Director, Payment Systems Policy & Oversight Department, State Bank of Pakistan, 4th Floor, Main Building, I.I Chundrigar Road, Karachi – 74000.
- Email the formal application to [email protected].
- Before sending, check the second-cohort announcement for its deadline, focus areas, fee details, and any updated submission instructions.
SBP’s guidelines describe this as the formal application stage for a Regulatory Sandbox cohort. SBP Guidelines for Regulatory Sandbox
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Final checks before sending
- Confirm the applicant route against the current guidelines.
- Use Annexure A for the proposition, applicant, and UBO information.
- Ensure the testing plan clearly describes what will be tested and how.
- For joint applications, include corporate documents and applicable licenses for every participant.
- Attach fee-submission proof and any regulatory-relaxation request.
- Verify cohort-specific terms in the announcement rather than assuming the standing process supplies a current deadline or fee.
What participation is intended to support
SBP’s draft framework describes objectives including encouraging new technologies, products, and business models; identifying risks and developing mitigation; supporting evidence-based regulatory formulation; improving regulatory clarity; and coordinating with other sandboxes. These are program objectives, not a promise that a proposal will be accepted or that testing will lead to a license. SBP draft framework
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