The Saudi Arabian Monetary Authority (SAMA) announced the start of the design of a ‘sandbox’ regulatory environment that allows local and international financial technology firms to test new digital solutions. The initiative is set to improve the principal of innovation in financial services and digital payment services, SAMA said in a statement on its website, adding that the sandbox will help fintech companies test their products in an environment with relaxed controls, which will facilitate financial transactions and reduce costs. Mohamed Roushdy, head of technology at Dubai Asset Management, told Zawya that “Saudi [Arabia] has one of highest outflow(s) of remittances in the region. Hence, working on innovative ideas for cross border transfers, domestic payments, peer-to-peer lending for SMEs and other fintech ideas is a priority.”