Doha, Qatar: In a first of its kind initiative in the Middle East, Qatar Central Bank announced the launch of the Express Sandbox.
This announcement is in line with the Third Financial Sector Strategy, the FinTech Strategy and Qatar Central Bank's ongoing efforts to regulate and develop the financial sector.
The Express Sandbox is an expedited programme designed to facilitate quicker market entry for solutions or innovations that demonstrate product readiness and potential. It offers a faster track through the usual regulatory assessment while maintaining high standards of risk management, consumer protection, and system integrity.
Financial institutions, licensed FinTech companies, startups, and technology companies partnered with licensed financial entities (both domestic and international) can apply for the Express Sandbox programme to test and introduce their FinTech innovative solutions in the Qatari market.
Entities that succeed in joining the Express Sandbox will benefit from a reduced testing period, rapid testing cycles, and a streamlined overall evaluation process.
It further added that the key eligibility criteria for QCB Express Sandbox are as follows:
- Strong track record in financial services
- Understanding of the local Qatari market
- Financial soundness
- Mature business and operating model
- Adherence to international and local standards
