The Monetary Authority of Singapore (MAS) — the nation’s central bank — recently made an announcement that the regulator is launching the Sandbox Express, a fast track program which will let some startups operate as part of its sandbox within just 21 days after submitting their applications to the agency.
Chief FinTech Officer at MAS Sopnendu Mohanty said the Sandbox Express is aimed at promoting innovation among startups in the country.
“For innovation to take root, it is important for ideas to be tested quickly and in a safe environment,” he said, adding that “Sandbox Express aims to achieve this through appropriate disclosures and pre-defined rules.”
Meanwhile, the MAS has reiterated that the fast track program will only be granted to fintech companies that will embark on “low risk and well-understood experiments”. With this limitation, it is likely that the program will only be open to remittance businesses, insurance brokers, and other operators that are already recognized in the market.
Companies interested in the Sandbox Express are required to submit clear disclosures to consumers as well as reports to the MAS. For applicants that do not meet fast track criteria, their submissions will instead be categorized as regular sandbox applications. However, projects may not apply for both the express and regular program simultaneously.
Since the launch of the regulatory sandbox, MAS has spent a considerable amount of time reviewing individual projects. However, the agency said that with its experience in assessing projects, the regulator can now determine acceptable risks which will in turn enable faster approval.
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