Miguel Cordon · · 1 min readSingapore launches Sandbox Express for faster financial product testing
The Monetary Authority of Singapore (MAS) today launched Sandbox Express, an initiative set to help firms conduct faster market testing of innovative financial products and services.
MAS headquarters in central Singapore / Photo credit: Tech in Asia
Sandbox Express shortens the approval process for entry into the sandbox through standardized disclosures and set rules, as each sandbox will have set boundaries, regulatory reliefs, and expectations. It is then only suitable for activities where the risks are low and can be reasonably managed within predefined parameters, MAS said in a statement.
Sandbox Express will be available initially to insurance brokers, recognized market operators, and remittance businesses.
Eligible applicants can start to test their solutions through Sandbox Express within 21 days of applying, instead of taking a long time to customize their sandboxes under the FinTech Regulatory Sandbox, which has been operational since 2016. Experiments can remain in Sandbox Express for up to nine months.
MAS specified that the FinTech Regulatory Sandbox will remain open for applicants with more complex business models.
“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,” said Sopnendu Mohanty, chief fintech officer at MAS.
Editing by Charmaine de Lazo
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