Innovation
Direct Innovation Support
Access dedicated SECP sandbox managers who provide hands-on support, policy clarification, and iterative feedback throughout your testing phase.
Accepting applications
Regulatory
Sandbox
Test innovative financial products and services in a safe, controlled environment - with direct support from SECP's regulatory experts.
40+
Applications reviewed
12
Active participants
3
Completed cohorts
6
Graduated companies
How it works
Process Flow
Pre Application
Review
Testing
Exit
Overview
What is the Regulatory Sandbox?
SECP's Regulatory Sandbox is a supervised testing framework that enables financial innovators - startups, fintechs, and established firms - to trial new products and business models under a time-bound, relaxed regulatory regime, before seeking full authorisation.
◷
Time-Limited Testing
Participants operate within a defined period - typically 6 to 12 months - with SECP supervision and specific testing parameters agreed upfront.
⊕
Relaxed Regulatory Requirements
Eligible entities may receive targeted waivers from specific regulatory provisions, enabling genuine innovation without bureaucratic stagnation.
✓
Consumer Safeguards Intact
All testing occurs with robust consumer protection measures in place. Limits on transaction values, customer numbers, and exposure are set per entity.
Who is eligible?
Built for Fintech Innovators Across Sectors
Open to startups, established institutions, and foreign entities with operations in Pakistan - across capital markets, insurance, lending, and asset management.
Capital MarketsInsurtechDigital LendingWealthtechRegTechPaymentsAsset Management
PKR 100M
Max testing exposure
500
Max test customers
12 mo
Max duration
Free
Application fee
Process
How It Works
A clear four-stage pathway from first application to full market graduation. SECP provides guidance and feedback at every stage.
Stage 1
Application
Complete and submit the sandbox application form via the SECP Innovation Portal. Attach your solution overview, business model, and testing proposal.
◷ 2 - 4 weeks
Stage 2
Evaluation
SECP assesses your application against defined eligibility criteria. Shortlisted applicants are invited for a detailed review meeting with the sandbox team.
◷ 2 - 4 weeks
Stage 3
Live Testing
Approved participants run controlled live tests within agreed parameters. SECP monitors progress, provides regulatory guidance, and reviews quarterly reports.
◷ 2 - 4 weeks
Stage 4
Graduation
Successful participants receive a structured pathway to full regulatory authorisation, with SECP guidance on licensing, compliance, and market entry.
◷ Ongoing Support
Why join
Real Advantages for Serious Innovators
A clear four-stage pathway from first application to full market graduation. SECP provides guidance and feedback at every stage.
Guidance
Regulatory Clarity
Receive precise, written guidance on which regulations apply to your model - eliminating legal ambiguity before you scale or seek full licensing.
Safety
Risk-Controlled Testing
Test with real customers under capped exposure limits - generating authentic market data and user insights without regulatory or financial catastrophe risk.
Credibility
Institutional Credibility
SECP endorsement is a powerful signal to investors and customers that your company has been scrutinized by Pakistan's primary capital markets regulator.
Speed
Faster Time to Market
Bypass years of regulatory uncertainty. The sandbox compresses the licensing journey, helping you validate and launch in months rather than years.
Policy
Influence Future Policy
Sandbox findings feed directly into SECP policy reform. Participants help shape the regulatory frameworks that will govern Pakistan's fintech future.
Ready to test your idea with SECP's backing?
Applications for Cohort 4 are open. Submit your Expression of Interest today and our innovation team will review your eligibility within 10 business days.