The Monetary Authority of Singapore (MAS) has released a consultation paper on the creation of a ‘Sandbox Express’ to let firms conduct experiments more quickly.

These pre-defined sandboxes would complement the existing FinTech Regulatory Sandbox that was launched in 2016, but would let firms work on projects without needing to go through the existing bespoke application and approval process.

MAS explained that the new sandbox is suitable for activities where the risks are generally low or well understood and could be reasonably contained within the specific pre-defined sandbox.

To begin with it will include sandboxes specifically pre-defined for insurance broking, recognised market operators and remittance businesses.

Each sandbox will have its boundaries, expectations and regulatory reliefs pre-determined, with clear disclosure and an acknowledgement from users before customer on-boarding.

MAS will assess applications based only on two criteria – technological innovativeness of the financial service, and fitness and propriety of the applicant’s key stakeholders. The applications will then be fast-tracked, with approval decisions granted within 21 days.

Sopnendu Mohanty, chief FinTech officer at MAS, said he was “heartened” that the FinTech Regulatory Sandbox has been well received by the industry.

“We have engaged with more than 150 FinTech players since the sandbox was launched, and a number of firms have experimented in the sandbox,” he stated. “To facilitate quicker experimentation and faster introduction of innovative financial services to the market, we are now offering the option of Sandbox Express.”

The public consultation will run from 14 November to 13 December 2018.

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