Wednesday,August 7, 2019 / 12:53PM / By MAS / Header Image Credit: Investing.com
The Monetary Authority ofSingapore (MAS) today launched Sandbox Express to provide firms with a fasteroption to test innovative financial products and services in the market.
Eligible applicants canbegin market testing in the pre-defined environment of Sandbox Express within21 days of applying to MAS instead of taking a longer time to customise theirsandboxes under the existing FinTech Regulatory Sandbox.
Sandbox Express shortensthe approval process for entry into the sandbox by relying on standarddisclosures and pre-determined rules. Hence, Sandbox Express is only suitablefor activities where the risks are low and well-understood by the market, andcan be reasonably managed within pre-defined parameters.
The FinTech RegulatorySandbox that was operational since 2016 remains open for applicants with morecomplex business models or where MAS requires more time to understand the risksof the activities.
For a start, SandboxExpress will be available specifically for insurance brokers, recognised marketoperators and remittance businesses. Each sandbox will have pre-definedboundaries, regulatory reliefs, and expectations. Firms must comply with allconditions of approval including providing clear and proper disclosure to thecustomer as well as submitting regular progress reports to MAS.
Experiments can remain inSandbox Express for up to nine months. This will provide firms with more timeto overcome business and technical challenges during experimentation, and forMAS to address potential regulatory challenges. Firms could also use the longerduration to better prepare for exiting the sandbox and deploying theirinnovation on a larger scale.
Mr Sopnendu Mohanty, ChiefFinTech Officer, MAS said, “For innovation to take root, it is important forideas to be tested quickly and in a safe environment. Sandbox Express aims toachieve this through appropriate disclosures and pre-defined rules. Thisintroduction of Sandbox Express builds on the experience we have gained fromrunning the FinTech Regulatory Sandbox and reflects our commitment toencouraging more experimentation and greater adoption of innovativetechnologies in the financial sector.”
MAS will closely monitorthe utilisation of Sandbox Express to ensure that it meets the evolving needsand interests of the financial industry. It will also explore opportunities toexpand the range of financial products and services that can be offered throughSandbox Express.
Sandbox Express guidelinesand application form are available on the MAS website ,and the response to the feedback received can be found at this link .
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