Central Bank of Kuwait Launches its FinTech Regulatory Sandbox

The Central Bank of Kuwait has launched a Regulatory Sandbox Framework, as announced on November 26, 2018 by His Excellency, the Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel. Dr. Al-Hashel noted (as per a press release issued by the Central Bank of Kuwait) that the primary objectives of the sandbox framework are 'to provide a safe environment to test proposed products and services related to electronic payment operations, and to encourage financial innovations by temporarily easing particpants' from part of the regulatory and supervisory requirements including the need for required permits.'

The regulatory environment will consist of a four stage process which includes applicant submission, assessment of the proposed innovation, conducting a trial run of an innovation (accepted to the sandbox) and a decision based upon trial results.

Complete information about the Kuwait FinTech Regulatory Sandbox and the Kuwait Regulatory Sandbox Framework can be found on the Central Bank of Kuwait website.

Reference to the Kuwait Regulatory Sandbox has been added to the DFSO Legal Database.

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