Sandbox Initiatives
Banking Sandbox Regulatory Environment
The Central Bank of the UAE has signed two separate MOUs with ADGM and DIFC to introduce a co-sandbox programme to enable FinTech companies to test their innovative solutions under the existing sandbox programme.
Insurance Sandbox Regulatory Environment
The objectives of the Insurance Sandbox Regulatory Environment are to:
Contribute to achieving the UAE Vision 2021, which aims to create a competitive knowledge economy based on innovation, and qualifying the CBUAE to understand the products to be introduced, identify associated risks and to seek to guarantee customer satisfaction.
Transform the UAE insurance market into a smart insurance market
Support emerging Emirati FinTech companies.
Create an attractive environment for the insurance sector using innovative systems, making it a platform for interaction with FinTech companies.
Improve the regulatory framework, and contribute towards economic growth and risk management.
Eligibility Criteria
To apply to join the Insurance Sandbox Regulatory Environment, your product, service, software or business model must meet the following criteria:
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To be related to insurance products and/or services that fall under the jurisdiction and supervision of the insurance function of the CBUAE
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To be innovative, in terms of the technology used
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To prove its benefit to insurance proposers (for example, promoting growth, efficiency, risk management, providing wider options, etc.)
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To require testing in the experimental environment
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Last updated on: Thursday 28 July 2022
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