Recognizing the importance of keeping pace with rapid technological developments and their pivotal role in maintaining financial and monetary stability, the Central Bank of Jordan is committed to promoting innovation in the use of advanced financial technology and emerging digital solutions. The aim of this is to stimulate progress and change, and generating initiatives in both the public and private sectors. This approach helps attract and expand investments within the kingdom, bridging the gap between supply and demand sides in line with market needs. It also promotes the launch of innovative financial services and products with added value from entrepreneurs and innovators in the local and regional markets.
This endeavor prioritizes secure access to digital financial services, ensuring the highest standards of cybersecurity, protection of financial consumers, transparency, and integrity of the financial system, and enhancing competitiveness. All in line with the national goal of promoting digital transformation and a digital economy, and position Jordan as a regional leader and an investment destination for fintech and innovation, encouraging the shift toward a cashless digital society through the use of digital financial services, which comes in the context of the High Royal visions and directives.
In this context, the Regulatory Sandbox for FinTech Innovations (JoRegBox) was established at the Central Bank of Jordan was established, with the aim of creating a real, safe, and experimental regulatory environment under the oversight and supervision of the Central Bank of Jordan, following a risk-based approach to test digital financial applications. This initiative is designed to support and encourage innovation and development in the fintech sector, ultimately enhancing competitiveness in digital financial services, improving access to formal financial services, while maintaining the safety and stability of the financial sector, and protecting the rights and data of financial consumers.
JoRegBox allows entrepreneurs and innovators to test their innovative digital financial products and services, developed using modern technology, with real customers., following a risk-based approach and within clearly defined standards and controls, ensuring the utmost degree of transparency.
Within this regulatory environment, innovative digital financial solutions undergo a comprehensive testing and evaluation process without directly complying with certain specific regulatory requirements under the prevailing legislation during their presence within the regulatory sandbox. This approach actively promotes innovation in the use of FinTech and accelerates the market entry phase.
Regulatory Sandbox Framework document
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Joining the Regulatory Sandbox
The Central Bank of Jordan does not charge any fees for submitting applications to enter the JoRegBox. However, applicants must meet all the necessary requirements and conditions to conduct tests for their innovative digital financial solutions within the sandbox environment. This must be in accordance with the policies established by the Central Bank of Jordan and after obtaining the appropriate approvals to facilitate their use in the markets.
If you wish to apply to join the regulatory sandbox for financial technology, follow these steps:
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Review the regulatory framework of the regulatory sandbox to determine if your product falls within the accepted projects. (You can find the document here).
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If you are unable to determine whether your product meets the requirements for participation, please contact us by filling out the Ask for clarification/ information form here.
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Fill out the JoRegBox application form dully and clearly, take in consideration the instructions provided in the introduction of the Regulatory Sandbox application when filling it out. ( You can find the Application form here
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Send the application via email to (JO-Fintech@cbj.gov.jo), Make sure to specify the subject of the email as "Request to Join the Regulatory Sandbox."
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