Fintech Regulatory Sandbox Initiative Launched by the Central Bank of Oman

A framework for the Fintech Regulatory Sandbox (FRS) Initiative has been issued by the Central Bank of Oman (CBO), which includes the eligibility criteria for application through to the evaluation process of the Sandbox live testing period. The first phase of the FRS will be open to receive all fintech applications that are related to payments solutions, according to a media report.

The FRS is a testing opportunity for providers of fintech solution applications, where certain regulatory exemptions will be granted by the CBO, thereby permitting the participants to live test their respective product and service offerings on volunteer customers. The objective behind providing such an open testing environment is for the fintech participants to be able to prove the viability of the...