The Monetary Authority of Singapore has launched 'Sandbox Express', designed to relieve users experimenting with low risk applications 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 application and approval process.
Eligible applicants can begin market testing in the fast-track sandbox within 21 days of applying to MAS instead of taking a longer time to customise their sandboxes under the existing fintech regulatory sandbox. The new streamlined approach will be available specifically for insurance brokers, recognised market operators and remittance businesses.
Experiments can remain in Sandbox Express for up to nine months to provide firms with more time to overcome business and technical challenges during experimentation, and for MAS to address potential regulatory challenges.
Firms could also use the longer duration to better prepare for exiting the sandbox and deploying their innovation on a larger scale, says Sopnendu Mohanty, chief fintech officer, MAS.
“For innovation to take root, it is important for ideas to be tested quickly and in a safe environment," he says. "Sandbox Express aims to achieve this through appropriate disclosures and pre-defined rules."