The Monetary Authority of Singapore (“MAS”) has issued a consultation paper seeking feedback on the creation of it's 'express sandbox' to expedite the process of approvals of financial technology (FInTech) innovations to enter the MAS regulatory sandbox. Primary evaluation criteria assessed for that which is eligible (generally lower risk applications) include the level of technical innovation of the invention and the fitness and suitability of the key stakeholders of the applicant. An excerpt appears below.
MAS encourages experimentation in financial technology (“FinTech”) so that promising innovations can be tested in the market and have a better chance for wider adoption, in Singapore and abroad.
The FinTech Regulatory Sandbox (“sandbox”) was launched in 2016 to facilitate live experiments of innovative financial services and business models within boundaries. We have taken stock of the lessons learned, and have improved how we manage and process sandbox applications.
Arising from this review, MAS is proposing the creation of pre-defined sandboxes, known as Sandbox Express, to complement the current sandbox approach. The aim is to enable firms which intend to conduct certain regulated activities – where the risks are generally low and well understood – to embark on their experiments more quickly within pre-defined
sandboxes, without going through the existing sandbox application and approval process to customise their sandboxes.
MAS invites interested parties to submit their views and comments on the proposed guidelines for Sandbox Express as well as the proposed constructs for the initial set of predefined sandboxes.