The State Bank of Pakistan issued cautionary guidance in September 2026 regarding approvals under which regulatory mechanism?

Explanation: The State Bank of Pakistan cautioned on sandbox approvals, noting that findings, learnings and regulatory recommendations from cohort one would help develop relevant regulatory frameworks for the broader industry. A regulatory sandbox allows fintech firms to test innovative products under supervised, time-limited conditions. For CSS Economy and Science and Technology, this connects to financial inclusion, Raast, digital payments growth and the balance between innovation and consumer protection.