New Regulatory Sandbox proposed by MAS with Faster Approvals within 21 days
The FinTech Regulatory Sandbox is a successful initiative by the Monetary Authority of Singapore (MAS) with more than 150 FinTech players experimented within this regime, however, the process to get in approvals is lengthy. To speed up the lengthening procedures, MAS has proposed the New Regulatory Sandbox Express. This will aim to shorten the time frame for review and approval decision within 21days. The Regulatory Sandbox Express is best suited for low risks activities or the areas has been tried and tested before and can work within a specific pre-defined sandbox. Initially, it will include sandboxes pre-defined for insurance broking, recognised market operators and remittance businesses. Each application will be access based on the technological innovativeness of the financial service and fitness and propriety of the applicant’s key stakeholders.
The public consultation will run from 14 November to 13 December 2018. A copy of the public consultation paper is available on the MAS website.
Date: 14 November 2018