Dates set for accepting applications to participate in second Regulatory Sandbox phase

15-11-2024

November 15, 2024: As part of the Financial Sector Development Strategy 2024 - 2026, the Central Bank continues to take steps to digitize banking services offered in financial markets and introduce new innovative banking products for the local market, thereby increasing financial inclusion in our country. One of these important initiatives is the Regulatory Sandbox, which is used to test innovative financial products in the financial markets on a limited scale and under the supervision of the Central Bank.

The deadline for accepting the next set of applications for Regulatory Sandbox testing is now in place. It is planned to accept applications for the second phase, which will begin on December 15, 2024 and end on January 15, 2025.

The innovative financial product meeting the criteria of the Regulatory Sandbox will be tested based on the contract to be concluded with the Central Bank.

It is worth noting that 4 innovative products were selected for testing in the Regulatory Sandbox during the first application phase, which started in May.

The documents and information referred to under paragraph 4.2 of the "Regulation on the application of the Regulatory Sandbox" may be submitted to the Central Bank via a dedicated website (sandbox.cbar.az) or in  writing after the start of the application phase.

For questions regarding the Regulatory Sandbox, please contact sandbox@cbar.az.