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Monetary Authority of Singapore proposes fast-track 'Sandbox Express'

Monetary Authority of Singapore proposes fast-track 'Sandbox Express'

The Monetary Authority of Singapore is consulting on the creation of a 'Sandbox Express', to relieve users experimenting with low risk solutions of the cumbersome application and approval process demanded under its existing approach.

The aim of the pre-defined sandbox is to enable firms to embark on experiments more quickly, says MAS, without needing to go through the existing bespoke sandbox application and approval process.

A recent survey of current and previous participants in the UK Financial Conduct Authority's sandbox recorded disappointment in the practical difficulties encountered during what can be a complex and tortuous application process.

MAS is attempting to alleviate such problems by creating a series of parallel bespoke sandboxes which would be suitable for activities where the risks are generally low, or well understood and could be reasonably contained. As a start, it will include sandboxes specifically pre-defined for insurance broking, recognised market operators and remittance businesses.

Applications to an express sandbox will be fast-tracked, says the central bank, with approval decisions granted within 21 days.

Sopnendu Mohanty, chief fintech officer of MAS, says: "We have engaged with more than 150 FinTech players since the Sandbox was launched; and a number of firms have experimented in the sandbox. To facilitate quicker experimentation and faster introduction of innovative financial services to the market, we are now offering the option of Sandbox Express.”

The public consultation on the proposals will run from 14 November to 13 December 2018.

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