FAQs

 

Who are the target audience for the Regulatory Sandbox?

The Regulatory Sandbox targets both companies and individuals looking to provide innovative FinTech products and services that are built on or associated with electronic payment of funds, using new technologies or existing technologies in an innovative way.

How to apply to the Regulatory Sandbox?

To apply to the Regulatory Sandbox, the applicant is required to complete and submit the application form by following the instructions specified in the Regulatory Sandbox Framework page available at the Central Bank of Kuwait website.

Is there a specific timeframe to submit the application?

There is no specific timeframe for application submission, applicants can apply at any time.

What is the duration of the Regulatory Sandbox?

The maximum duration of the regulatory sandbox is one year, with the possibility of an extension based on the Central Bank of Kuwait discretion.

Are there any participation fees?

There are currently no participation fees to participate in the Regulatory Sandbox.

Are participants able to leave the Regulatory Sandbox prior to completing the stages? Are there any consequences in doing so?

Participants are required to notify the Central Bank of Kuwait via email sandbox@cbk.gov.kw with the necessary justifications and clarifications in order to be able to leave the Regulatory Sandbox at any stage. In such case, based on its discretion, the Central Bank of Kuwait has the right not to accept any subsequent applications to participate in the Regulatory Sandbox for a period of one year from the date of notification.

What is the level of development required of the proposed product or service in order to be eligible to participate in the Regulatory Sandbox?

The proposed product or service must be in an advanced stage of development, deeming it ready for testing.

Who are the "volunteer customers"?

They are the customers participating in the initial operation and are fully aware of the related potential risks.

Is it permitted to re-apply to the Regulatory Sandbox?

Re-application to the Regulatory Sandbox will be granted on a case-by-case basis based on the Central Bank of Kuwait discretion.