The Monetary Authority of Singapore (MAS) has 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 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, so 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 opened in 2016 remains available for applicants with more complex business models, or where MAS requires more time to understand the risks of the activities.

To begin with, 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.

Sopnendu Mohanty, chief FinTech officer at MAS, said that for innovation to take root, it is important for ideas to be tested quickly and in a safe environment.

“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 stated that it will monitor the utilisation of Sandbox Express to ensure that it meets the evolving needs and interests of the financial industry.

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