The chairman of the Insurance Authority, Mr Abdulaziz Al-Bouq, has announced the launch of the regulator's experimental environment platform for the insurance sector, during the FinTech 24 Conference in Riyadh.
Mr Al-Bouq emphasised the importance of establishing a framework to govern new technologies and innovative business models in the rapidly evolving digital landscape, reported Saudi Gazette. He highlighted the need to support these innovations within a favourable environment that fosters growth and empowerment.
“We are committed to accelerating the digital transformation of the insurance sector,” he said.
The regulatory sandbox aims to create a safe and risk-limited environment for entrepreneurs and companies to test new solutions and innovations related to insurance activities. This environment allows businesses to trial their products, services, and business models within a set period until they are ready for market graduation.
Mr Naji Al-Tamimi, CEO of the Insurance Authority, said that the platform’s launch is part of the Authority’s broader efforts to enable innovation and advance digital transformation within Saudi Arabia’s insurance sector.
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