Approval decisions for applications will be granted within 21 days.
The Monetary Authority of Singapore (MAS) is seeking feedback on a proposed new pre-defined regulatory sandbox called Sandbox Express that aims to speed up the prolonged application and approval process, an announcement revealed.
The Sandbox Express is best suited for activities wherein risks are generally low or well understood and can be reasonably contained within a specific pre-defined sandbox. Initially, it will include sandboxes pre-defined for insurance broking, recognised market operators and remittance businesses.
“Each pre-defined sandbox will have its boundaries, expectations and regulatory reliefs pre-determined," the regulator said in a statement, adding that it will complement the existing FinTech Regulatory Sandbox launched in 2016.
Applicants must declare that they are able to fully comply with all expectations of the pre-defined sandbox it has applied. This will include providing clear disclosure and obtaining an acknowledgement from the applicant before they can be on-boarded as a customer.
From then, MAS will assess applications based on the firm’s technological innovativeness in its financial service and the fitness and propriety of its key stakeholders with the goal of granting approval decisions within 21 days.
“We are heartened that the fintech regulatory sandbox has been well received by the industry,” MAS chief fintech officer Sopnendu Mohanty said. “We have engaged in more than 150 fintech players since the sandbox was launched and a number of firms have experimented in the sandbox.”
The public consultation is available on its website. It will run from 14 November to 13 December.
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