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The Sandbox process lifecycle is composed of (4) four stages, which are triggered sequentially and conclude at the Exiting/graduation stage:
Stage (1) One:Application Stage “60 days”
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Innovators complete and submit the application form. Guidance on how to complete the application form can be found by following this link: “GUIDANCE NOTES ON COMPLETING THE SAUDI CENTRAL BANK REGULATORY SANDBOX APPLICATION FORM”. Thereafter, Saudi Central Bank will assess the application form completeness against the “Eligibility Criteria” and revert to the innovator within the frame of 60 days with the final decision.
Stage (2) Two:Operational Readiness “120 days”
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The eligible innovators are informed of pre-go live requirements in the form of an Assessment Criteria (AC), which is based on the business model/concept.
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The Regulatory Sandbox team will provide support in order to finalize the innovators operational readiness against the communicated AC within a period of 120 days.
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Successful compliance with the AC within the specified period, eligible innovators will obtain the temporary permission “LoA”
Stage (3) Three:Testing phase “Up to 12 months”
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Permitted innovators will test their ideas in the Regulatory Sandbox for a minimum period of six months and up to 12 months.
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Upon successful testing Saudi Central Bank will have issued and/or amended regulations, which would enable the Innovator to apply for a full Regulatory License.
Stage (4) Four:Exit the Sandbox “Graduation”
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Upon successfully accomplishing the objectives of the testing phase, the applicant will be eligible to graduate and exit the Regulatory Sandbox environment. And follow one of the mentioned paths:
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Apply for a full license and/or amend existing license.
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Executing the exit plan without pursuing a license.
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Saudi Central Bank confirms the product does not require a license/permission.
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More information provided in page 13 (Life cycle stage 4)
