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.
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.
There is no specific timeframe for application submission, applicants can apply at any time.
The maximum duration of the regulatory sandbox is one year, with the possibility of an extension based on the Central Bank of Kuwait discretion.
There are currently no participation fees to participate in the Regulatory Sandbox.
Participants are required to notify the Central Bank of Kuwait via email email@example.com 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.
The proposed product or service must be in an advanced stage of development, deeming it ready for testing.
They are the customers participating in the initial operation and are fully aware of the related potential risks.
Re-application to the Regulatory Sandbox will be granted on a case-by-case basis based on the Central Bank of Kuwait discretion.