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MAS proposes fintech sandbox with faster approvals

The Sandbox Express is suitable for activities where the risks are generally low, or well understood and could be reasonably contained within the specific pre-defined sandbox. (PHOTO: Getty Images)
The Sandbox Express is suitable for activities where the risks are generally low, or well understood and could be reasonably contained within the specific pre-defined sandbox. (PHOTO: Getty Images)

The Monetary Authority of Singapore (MAS) has released a consultation paper on the creation of pre-defined sandboxes with faster approvals called Sandbox Express.

The aim is to enable firms that intend to conduct regulated activities to embark on experiments more quickly, without needing to go through the existing bespoke sandbox application and approval process, the MAS said in a statement Wednesday (14 November).

Suited for low-risk activities

The Sandbox Express is suitable for activities where the risks are generally low or well understood and could be reasonably contained within the specific pre-defined sandbox. MAS will assess applications based on two criteria” technological innovativeness of the financial service, and fitness and propriety of the applicant’s key stakeholders.

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As a start, it will include sandboxes specifically pre-defined for insurance broking, recognised market operators and remittance businesses,. The applications will be fast-tracked with approval decisions given within 21 days.

To complement existing sandbox

The plan is to complement the existing FinTech Regulatory Sandbox launched in 2016, the central bank said. MAS has engaged with more than 150 financial technology (fintech) players since the Sandbox was launched, and a number of firms have experimented in the sandbox, said Sopnendu Mohanty, the MAS’ chief fintech officer.

A regulatory sandbox is a framework that allows startups and fintech companies to conduct live experiments in a controlled environment under a regulator’s supervision.

The public consultation will run from today to 13 December.

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