Objectives of Saudi Central Bank’s Regulatory Sandbox
Strategic Objectives
Saudi Central Bank’s Regulatory Sandbox directly connects with ‘Vision 2030’, which endeavors to reinforce economic growth and investment activities. The ‘Vision 2030’ has been further developed into several Executive Programs, which includes the ‘Financial Sector Development Program’ (FSDP). The FSDP program seeks to develop the financial industry as a diversified and effective financial services sector to support the development of the national economy by stimulating savings, finance and investment by, inter alia, enabling financial institutions to support private sector growth.
Servicing Objectives
In addition, Saudi Central Bank’s Regulatory Sandbox aims at delivering a number of direct or indirect benefits to all the stakeholders:
 |  |  |
| Consumers | Innovators | Saudi Central Bank |
Facilitating the introduction of new products to the market that: ■ Meet consumers’ demands and needs ■ Increases efficiency ■ Increases quality of service | Helping Innovators within the financial services sector to shorten their time-to-market and address legal and licensing requirements. | Assess and collect evidence for innovative products in order to draft guidelines and regulations for upcoming technologies utilized in financial services. |