19 January 2018
visit www.ebaday.com

Singapore regulator proposes fintech sandbox

06 June 2016  |  8692 views  |  1 Singapore Building 1

The Monetary Authority of Singapore (MAS) has issued a consultation paper proposing a regulatory sandbox for fintech startups and pilot schemes.

The proposal will enable firms to experiment with new technology in an environment of relaxed rules and appropriate safeguards.
 
"MAS aims to provide  a responsive and forward-looking regulatory approach that will enable promising fintech innovations to develop and flourish," said MAS deputy managing director Jacqueline Loh. "The sandbox will help reduce regulatory friction and provide a safer environment for fintech experiments. We believe this will give innovations a better chance to take root." 
 
The consultation will last from June 6th to July 8th.
 
The MAS hopes that the sandbox will help to boost innovation in Singapore's banking sector. It follows the establishment of SG-Innovate by the Singapore government in April this year which is similarly designed to bolster Singapore's ambition to be the fintech hub for Asia-Pacific.
 
In addition to the government and central bank-backed projects, a number of banks including Standard Chartered and HSBC have set up innovation labs in Singapore.  

 

Comments: (1)

Lucile Mathe
Lucile Mathe - beqom - Geneva | 07 June, 2016, 10:50

Great news to see the Singaporean regulation pushing Fintech innovation. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Samsung Pay wins Citi support for Singapore launch

Samsung Pay wins Citi support for Singapore launch

31 May 2016  |  5977 views  |  0 comments | 6 tweets | 5 linkedin
UK and Singapore establish 'fintech bridge'

UK and Singapore establish 'fintech bridge'

11 May 2016  |  13239 views  |  0 comments | 32 tweets | 38 linkedin
Visa opens first Asian innovation centre

Visa opens first Asian innovation centre

28 April 2016  |  8472 views  |  0 comments | 13 tweets | 7 linkedin
Singapore ponders Paym-style payments platform

Singapore ponders Paym-style payments platform

06 April 2016  |  11106 views  |  4 comments | 9 tweets | 16 linkedin
Singapore sets up fintech office for startups

Singapore sets up fintech office for startups

01 April 2016  |  12806 views  |  1 comments | 13 tweets | 9 linkedin
Standard Chartered opens Singapore innovation lab

Standard Chartered opens Singapore innovation lab

23 March 2016  |  12804 views  |  0 comments | 12 tweets | 17 linkedin
OCBC Bank launches fintech innovation unit and accelerator

OCBC Bank launches fintech innovation unit and accelerator

01 February 2016  |  6900 views  |  0 comments | 8 tweets | 1 linkedin
HSBC opens Singapore innovation lab

HSBC opens Singapore innovation lab

28 October 2015  |  14181 views  |  1 comments | 16 tweets | 10 linkedin
Singapore hires Citi veteran to lead new fintech group

Singapore hires Citi veteran to lead new fintech group

28 July 2015  |  11411 views  |  0 comments | 13 tweets | 6 linkedin
Singapore pledges S$225m to fintech

Singapore pledges S$225m to fintech

01 July 2015  |  20787 views  |  0 comments | 35 tweets | 27 linkedin

Related company news

 

Related company information

Standard Chartered Bank

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.thomsonreuters.infovisit www.capgemini.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11020 views comments | 32 tweets | 37 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10232 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9843 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9327 views comments | 18 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8350 views comments | 8 tweets | 6 linkedin

Featured job

Find your next job