Doha, May 30 (QNA) - In line with the 3rd Financial Sector Strategy, the FinTech Strategy, and Qatar Central Bank's (QCB) ongoing efforts to regulate and develop the financial sector, QCB announced Thursday the launch of the "Express Sandbox," the first of its kind in the Middle East.

The Express Sandbox is an expedited program designed to facilitate quicker market entry for solutions or innovations that demonstrate product readiness and potential.

It offers a faster track through the usual regulatory assessment while maintaining high standards of risk management, consumer protection, and system integrity.

QCB said that financial institutions, licensed FinTech companies, startups, and technology companies partnered with licensed financial entities (both domestic and international) can apply for the Express Sandbox program to test and introduce their FinTech innovative solutions in the Qatari market.

QCB pointed out that entities that succeed in joining the Express Sandbox will benefit from a reduced testing period, rapid testing cycles, and a streamlined overall evaluation period.

QCB indicated the eligibility criteria for the QCB Express Sandbox, which included a strong track record in financial services, an understanding of the local Qatari market, financial soundness, mature business and operating model, and adherence to international and local standards.

(QNA)