The objective of the Application Stage is to assess an Innovator’s proposal against the Sandbox Eligibility Criteria. Innovators will submit their application via the Regulatory Sandbox application form through Regulatory Sandbox application form
Upon submission of the application, Saudi Central Bank completes an initial vetting exercise based on the level of completion of the application pack.
If the application meets all the vetting criteria, Saudi Central Bank initiates the Assessment of the eligibility criteria. Else, Saudi Central Bank will inform the innovator that they are ineligible to participate within the Sandbox environment.
There are (4) four sections to the Stage one Application Form:
A - About Your Business
B - About Your Innovation
C - Minimum Viable Product and Technological Readiness
D - Your Background
Each section on the application form has multiple questions, each requiring sufficient answers (please refer to the “Guidance Notes” for application support). The objective of the Stage 1 Application is to help Saudi Central Bank confirm the business model is viable for the Regulatory Sandbox as well as understand your readiness to commence operations within the timeframes shown above on page 7.
There are four key sections for the eligibility criteria for considerations (detailed in page 6):
1.
Genuine Innovation & Regulatory Environment.
2.
Benefits Stemming from the Idea.
3.
MVP & Technology Readiness for Testing.
4.
Exiting Plan.
As part of its assessment of the eligibility criteria, Saudi Central Bank may contact the Innovator asking for further information and/or clarification on the innovation proposed. If the Innovator’s application is deemed to meet the above eligibility criteria the Innovator is informed that its application has progressed to the Operational readiness stage within 60 days from the date of submitting the application.
