MAS has launched ‘Sandbox Express’ to provide firms with a faster option to market test some innovative financial products and services. Fundamentally, Sandbox Express shortens the approval process for firms to enter the Sandbox by relying on standard disclosures and pre-determined rules. The goal of Sandbox Express is to enable firms conducting regulated activities to embark on experiments more quickly, without having to go through the existing bespoke sandbox application and approval process.
Sandbox Express complements the existing FinTech Regulatory Sandbox, operational since 2016, which will remain open for applicants with more complex and high-risk business models. Sandbox Express is suitable for activities that are low-risk, well-understood by the market and can be managed within pre-defined parameters.
Initially, Sandbox Express will be available for:
- carrying on business as an insurance broker;
- establishing or operating an organised market; and
- remittance business
Firms applying for Sandbox Express are expected to comply with all conditions of approval including providing clear and proper disclosure to the customer as well as submitting regular progress reports to MAS. Eligible applicants can begin market testing in the pre-defined environment of Sandbox Express within 21 days of applying to MAS. Experiments in Sandbox Express can remain for up to nine months.
MAS is committed to monitor the utilization of the Sandbox Express closely to ensure that it is meeting the evolving needs of the Financial industry.
Detailed Guidelines for Sandbox Express can be found here.
Date: 7 August 2019
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