Roehl Niño Bautista · · 1 min readMAS enhances fintech regulatory sandbox to boost innovation
The Monetary Authority of Singapore (MAS) is making three enhancements to its existing fintech sandbox framework in a bid to boost innovation and adoption. The framework enables financial institutions and fintech firms to experiment with innovative financial products or services within a defined space and duration.
Dubbed Sandbox Plus, the three key changes that will be implemented on January 1, 2022 are expansion of eligibility criteria, streamlining the grant application, and inclusion in Deal Fridays – a program that gives firms access to networking, mentorship, and funding through an external investor community.
Photo credit: Monetary Authority of Singapore
Early adopters of tech innovations will become eligible to join the sandbox, which currently only considers first movers. Sandbox applicants can also apply for up to S$500,000 (US$371,536) at a 50% funding level.
“Sandbox Plus reflects MAS’ ongoing commitment to support promising technology innovation to take root in Singapore by providing innovators with more effective one-stop support,” said Sopnendu Mohanty, chief fintech officer at MAS.
MAS first launched the Fintech Regulatory Sandbox in 2016 to provide a venue for customized technology experimentation. It was improved in 2019 with Sandbox Express, which gave faster market testing options for participants.
Currency converted from Singapore dollar to US dollar: US$1 = S$1.37.
Editing by Collin Furtado and Lorenzo Kyle Subido
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