Regulatory Sandbox Eligiblity Criteria

Innovators that wish to participate within the Regulatory Sandbox environment must meet the Regulatory Sandbox edibility criteria; there are four key sections of the eligibility criteria:
1.	Genuine Innovation & Regulatory Environment.
2.	Benefits Stemming from the Idea.
3.	MVP & Technology Readiness for Testing.
4.	Exiting Plan.

Genuine Innovation & Regulatory Environment	Innovation must demonstrate one of the following are true in regards to its proposed solution:
	■	Significantly differs from existing offerings in the KSA:
		√	Innovator provides market research showing that there are few or no comparable offerings in the KSA.
	■	Offers a new use for existing technologies deployed in the KSA:
		√	Innovator produces a comparison of the key features of its technology or operating methodology against competitors showing clear differences.
	■	Represents a significant scale-up in existing technologies deployed in the KSA.
Benefits stemming for the idea	Innovator must produce sufficient evidence showing that:
	■	The innovation proposed offers an identifiable and direct benefit or indirect benefits to consumers:
		√	(Research or simulation that shows potential security improvement, quality of service, lower prices, or increasing competition).
		√	The innovator is able to demonstrate that the innovation has the potential to improve access to the financial services markets (i.e. increase financial inclusion).
	■	It has adequately identified and addressed any risks for consumers and markets resulting from its proposed innovation
		√	The innovator is able to produce a comprehensive assessment of risk that the innovation can directly or indirectly pose to consumers as well as a mitigation plan to ensure consumers remain adequately protected throughout the testing.
	■	The innovator has sufficient resources in place to provide appropriate redress to consumers if required.
MVP & Technology Readiness for Testing	As part of its application, the Innovator must produce a well-developed plan that at minimum contains:
	■	Timelines for execution including milestones for operational readiness and testing period:
		√	Innovator produces a comprehensive operational readiness and testing plan that identifies key milestones, a timeline, and likelihood of achieving target outcomes.
	■	Innovator is able to produce results of previous lab simulations carried out on its technology proposed.
	■	Innovator can demonstrate that the resources required to start testing can be successfully mobilized shortly after receiving Saudi Central Bank’s LoA.
	■	Reporting schedule stating the format and content (e.g. KPIs) of the report that will be submitted to Saudi Central Bank throughout the testing:
		√	Innovator proposes a schedule of periodic reports to be submitted to Saudi Central Bank during the test.
		√	Innovator proposes a clear and sufficient format for those reports that specifies the key metrics and parameters to be used and methodology for their analysis.
	■	Clear methodology of the testing and controls required.
Exiting Plan	As part of its exiting strategy the Innovator must include a description of the future, development and deployment of the solution tested, including an explanation of:
	■	Innovator produces an Exit Strategy that clearly identifies the various possible end games of the testing exercise.
		√	How it intends to scale-up its innovation to a larger market should the testing be successful.
		√	How it intends to ensure that consumers do not suffer detriment as a result of unsuccessful testing.
	■	The Innovator’s exiting strategy contains details on the extra-resources needed to scale-up the technology to serve a larger market, estimated timescales and, if appropriate, plans to form strategic alliances with other firms.
	■	Innovator’s exiting strategy includes adverse scenarios that can lead it to suspend or cancel the test and a plan to ensure consumers are placed in the same position as if the test had not taken place.