1. Please provide point of contact details including name, email and telephone of the company’s representative.

   Your answer should include the name and details of the Senior Executive/Founder or the contact point for communications with SAMA.

2. Please provide your intended business name.

   Your answer should include the full name of the business/company and the use of any trade names.

3. Please provide the country of incorporation.

   Your answer should specify the country of incorporation if existing operations exist elsewhere.

4. Please provide the registered address, telephone and website URL of the business
5. Your answer should:
   • Include a valid address and telephone number
   • Include the URLs of the business or company's websites, if applicable.
   • Please note that response to this question is optional and will not affect the evaluation of your application.

Please provide details as to whether your business belongs in the Financial Services industry and in particular in the: Banking Sector, Money Exchanges, Finance Sector, Payments Sector, Other (please specify)

Your answer should:

• Include whether your business belongs in the Financial services industry
• Determine the sector to which the business belongs, in case the business does not fall under the financial services sectors mentioned above.
• Please note that response to this question is optional and will not affect the evaluation of your application.

1. Please provide a summary of your innovation.

   Your answer should:

• Include an outline of the idea and the stage of its development (initial, intermediate, advanced) outlining the reasoning behind this, at the time of the application.

• Please attach a brief description of the innovation, in the form of a presentation that includes a clear pictorial way that outlines the business model.

   

2. Please describe what problem the idea is addressing and solving Your answer should:

• Include a description of the problem and an explanation of how this can be addressed by the innovation.

3. Please describe any benefits and returns of the idea for: consumers, other businesses, economy (quantifiable estimations if applicable)

   Your answer should:

• Specify the type of benefits and returns of the idea for all stakeholders involved
•  Include for example improvements in security, access to financial services, customer experience, cost efficiency, operational efficiency, or expansion into new market segments as well as others

• Include quantifiable estimations of these benefits and returns of the project

   

4. Please provide an outline of how innovation promotes effective competition

   Your answer should:

• Include an explanation of how a competitive environment is promoted through the idea

• Please note that your response to this question is optional and will not affect the evaluation of your application

   

5. Please provide an outline of how the proposed innovation includes new or emerging technology or uses existing technology in an innovative / novel way

   Your answer should provide details on use of Distributed Ledger Technology, Hyper ledger, AI, ML, etc.

6. Please provide an outline of key similarities and differences between the innovation and other ideas in the market

   Your answer should:

• Detail key similarities and differences between the idea and other innovations/ideas that are currently in the market
• Please attach the main similarities and differences between the proposed innovation and other ideas. (If possible).

1. Please specify which type of customers your idea is targeting

   Your answer should:

• Provide details relating to customers that are expected to be targeted by the idea.

• Specify whether the idea targets individuals, corporations, government, or others (if any).

   

2. Please specify the size of the total expected customer base (market size)

   Your answer should:

   Provide an approximate numeric value of the expected customer base during the Regulatory Sandbox period.

3. Please provide an explanation as to the main sources of income to be generated over a period of 3 years.

   Your answer should:

• Specify which are the main sources of income and how these are expected to be generated.
• Include an approximate total numeric estimation of the expected income - the value should be expressed in SAR and in the nearest 1,000s.
• Include stage wise estimates for the testing stage (up to 12 months) and post completing the testing stage (beyond 12 months).
• Be provided in the textbox using bullet points.

1. Please provide an outline of material risks that the innovation could incur, along with how each of these is assessed and mitigated

   Your answer should:

• Include for example operational, cyber-security, AML, CFT, financial crime, conduct, technology, financial stability and legal risks.
• It should be provided in a tabular format as provided in the example below.

2. Please provide an outline of potential frauds that the innovation could incur, along with how each of these are to be assessed and mitigated

   Your answer should:

• Include a list of potential frauds that the consumers may be exposed to by using the innovation/solution, along with how each of these are assessed and mitigated.
• Be provided in a tabular format as provided in the example below

Please describe why you think you need to gain access to the sandbox i.e. why is it essential for your innovation to be tested in a live environment for its full development
Your answer should include the need for testing the innovation in a live environment, along with how this will lead to the innovation’s full development in the future.

• Please demonstrate as to how the solution acts as an enabler towards any of the initiatives of Vision 2030.

  Your answer should:

  - Include an explanation of how the solution acts as a catalyst for Vision 2030 initiatives.
  - Please refer to the link below for more information and guidance on these initiatives Link: Vision 2030

1. Do you have a Minimum Viable Product (MVP) ready for testing?

   Your answer should be provided as Yes or No.

2. Have you integrated with any other entities in their development environment? If so, please provide information on which companies you have integrated with.

• Your answer should be provided as Yes or No.

• If the answer is yes, please specify the companies and provide information about them.

   

3. Please provide a detailed description of three or four testing scenarios outcomes to remove uncertainty, which could be arising from regulatory technology or business model and could not be reasonably or effectively simulated in a test environment. Specifically for each testing scenario, include a detailed description of the following:

• Testing objectives.
• A thorough description of tests to be performed is required.
• Relaxations/Waivers for any regulatory controls requested by SAMA to be used during testing.
• Associated risks and suggested mitigation plan for each scenario.
• Respective KRIs and KPIs for each testing need to be outlined as well as reference to threshold limits.
• Customer Safeguards to be put in place (eg. compensation to customers for any losses etc.)
• Please attach the testing scenarios (If possible).

Please provide details of the types of companies you expect to integrate with in order to go live and start operational activities in the Regulatory Sandbox.

Your answer should:

• Provide details of the following types of companies: other FIs, infrastructure providers, government entities, etc.
• Outline the ways in which these partners are going to assist towards achieving the testing objectives as these were outlined in Section B1 of the Form.

• Please note that your response to this question is optional and will not affect the evaluation of your application.

   

1. Please provide an exit and transition plan by including possible end-games of tests to be performed and the intended action for each end-game.

   Examples of possible end games are, for example:

• test/s is/are completed successfully and results support deployment of technology at a larger scale;
• test/s is/are completed successfully but results do not support the deployment of technology at a larger scale;

• test(s) has/have to be discontinued due to a technological failure, operational failure, indication of consumer detriment, etc.

   

2. Please provide evidence of a communications plan that would inform customers with:

• The duration, boundary conditions and associated risks for participating in the Regulatory Sandbox.

• Advance notification of the termination or when the proposed financial service can proceed to be deployed on a broader scale

   

3. Please attach the exit strategy (If possible).

Please provide professional qualifications and experience of your Team relevant to your application and business model / concept.

Your answer should:

• Include the background (including professional qualifications and past experience) of the directors, shareholders, senior management (people responsible for key control functions) and key employees (being the most senior employees responsible for the day to day tasks of the business), as applicable.
• Please attach the team information in a tabular format as provided below and limited to no more than 5 people.

Please provide the years the applicant has been in existence and any past achievements of the business, if applicable

Your answer should:

• If your company has been operating in other countries, please specify where and what the products/services are.
• Specify the number of years your business/company has been in operation.
• Use bullet points.
• Please note that your response to this question is optional and will not affect the evaluation of your application.

1. Please provide an outline of how the business will be funded until it becomes profitable

   Your answer should:

• Indicate if you are self-funding, have investors ready or are planning to fund raise.

• Please attach a summary of how the business will be funded.

   

2. Please provide an outline of current shareholder structure (if applicable)

   Your answer should:

• Attach an organogram (diagram) and shareholding structure (excel sheet) detailing all shareholders and their shareholding

   

3. Please provide a copy of funding commitments evidencing that the business has sufficient access to funding (if applicable)

   Your answer should:

• Provide a document of commitments provided to the company detailing access to funding.
• Please attach the document of commitments (if applicable).

• Please specify if the business places focus on any ESG goals.
• Please note that your response to this question is optional and will not affect the evaluation of your application.