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