Tech Regulations & Govt | |
Tech Regulations & Govt | |
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Wednesday,
August 7, 2019 / 12:53PM / By MAS / Header Image Credit: Investing.com
The Monetary Authority of
Singapore (MAS) today launched Sandbox Express to provide firms with a faster
option to test innovative financial products and services in the market.
Eligible applicants can
begin market testing in the pre-defined environment of Sandbox Express within
21 days of applying to MAS instead of taking a longer time to customise their
sandboxes under the existing FinTech Regulatory Sandbox.
Sandbox Express shortens
the approval process for entry into the sandbox by relying on standard
disclosures and pre-determined rules. Hence, Sandbox Express is only suitable
for activities where the risks are low and well-understood by the market, and
can be reasonably managed within pre-defined parameters.
The FinTech Regulatory
Sandbox that was operational since 2016 remains open for applicants with more
complex business models or where MAS requires more time to understand the risks
of the activities.
For a start, Sandbox
Express will be available specifically for insurance brokers, recognised market
operators and remittance businesses. Each sandbox will have pre-defined
boundaries, regulatory reliefs, and expectations. Firms must comply with all
conditions of approval including providing clear and proper disclosure to the
customer as well as submitting regular progress reports to MAS.
Experiments can remain in
Sandbox Express for up to nine months. This will provide firms with more time
to overcome business and technical challenges during experimentation, and for
MAS to address potential regulatory challenges. Firms could also use the longer
duration to better prepare for exiting the sandbox and deploying their
innovation on a larger scale.
Mr Sopnendu Mohanty, Chief
FinTech Officer, MAS said, “For innovation to take root, it is important for
ideas to be tested quickly and in a safe environment. Sandbox Express aims to
achieve this through appropriate disclosures and pre-defined rules. This
introduction of Sandbox Express builds on the experience we have gained from
running the FinTech Regulatory Sandbox and reflects our commitment to
encouraging more experimentation and greater adoption of innovative
technologies in the financial sector.”
MAS will closely monitor
the utilisation of Sandbox Express to ensure that it meets the evolving needs
and interests of the financial industry. It will also explore opportunities to
expand the range of financial products and services that can be offered through
Sandbox Express.
Sandbox Express guidelines
and 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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