Qatar Central Bank announced launch of Express Sandbox designed to facilitate quicker market entry for FinTech solutions

The Qatar Central Bank announced the opening of the Express Sandbox, a first for the Middle East. This declaration is consistent with the FinTech Strategy, the Third Financial Sector Strategy, and the continuous efforts of the Qatar Central Bank to develop and regulate the financial sector. 

An accelerated initiative called the Express Sandbox was created to help solutions or innovations that show promise and are ready for market adoption into the market more quickly. While upholding strict guidelines for risk management, consumer protection, and system integrity, it provides a quicker route through the typical regulatory evaluation process.

To test and present their new FinTech solutions in the Qatari market, financial institutions, startups, and technology businesses partnering with licensed financial entities (local and international) are eligible to apply for the Express Sandbox program. 

Successful applicants to the Express Sandbox will experience shorter testing durations, quicker testing cycles, and a more efficient review procedure all around. 

It went on to say that the following are the primary requirements for eligibility for QCB Express Sandbox: 

- Proven performance history in financial services 

- Knowledge of the regional market in Qatar

- Stability of finances – 

- Experienced business and operational strategy 

- Compliance with regional and global regulations