MAS Issues “Regulatory Sandbox” Guidelines for FinTech Experiments

MAS Issues “Regulatory Sandbox” Guidelines for FinTech Experiments

by November 17, 2016
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The Monetary Authority of Singapore (MAS) published its “regulatory sandbox” guidelines to encourage and enable experimentation of solutions that utilise technology innovatively to deliver financial products or services. The guidelines incorporate feedback from the public consultation as well as learning points from actual sandbox applications.

The guidelines will improve the clarity, flexibility and transparency of the regulatory sandbox in the following ways:

a. Improved clarity – The guidelines includes examples and elaborations to illustrate MAS’ expectations on the sandbox such as the evaluation criteria for entry into the sandbox;

b. Greater flexibility – The guidelines have been refined to allow greater flexibility, including through relaxation of a number of evaluation criteria for firms looking to enter a sandbox, and allowing room for adjustments during experimentation as firms learn from market responses;

c. Increased transparency – MAS will work closely with sandbox applicants in the evaluation and experimentation process. Relevant information of approved sandbox applications will also be published on the MAS website.

mas-sandbox-fintech-infographics

Download Guidelines here

Ms Jacqueline Loh, Deputy Managing Director of MAS, said, “Emerging financial products or services that utilise FinTech are becoming more sophisticated. The guidelines reflect MAS’ commitment to building a smart financial centre where innovation is pervasive and technology is used widely. The regulatory sandbox provides a conducive environment where regulatory requirements will be relaxed to enable firms to experiment with promising innovations within boundaries.”

 

 

Featured Image: mas.gov.sg

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  1. #1 The Need for Fintech in Southeast Asia 28 November, 2016, 14:01

    […] from neighboring countries such as Singapore and Malaysia, a lot of which have already set up country specific ‘sandboxes’ to trial for […]

  2. #2 We were invited to the Singapore Fintech Awards 2016! – The Signal Blog 6 December, 2016, 23:34

    […] Deputy PM and Chairman of the MAS, Mr. Tharman Shanmugaratnam was also present at the Awards, and he gave a speech about how Fintech is what Singapore is focusing on, and how financial institutions like banks should not see fintech companies as threats but as new opportunities to work together. He also mentioned that Fintech companies have the power to disrupt systems – if done right. Also, MAS has proposed its stance on helping Fintech startups with the concept of ‘Fintech Regulatory Sandbox’. […]

  3. #3 Fintech Investors in Singapore | Fintech Singapore 9 June, 2017, 11:16

    […] the regulatory front, the Monetary Authority of Singapore (MAS) set up the regulatory sandbox framework for financial institutions and companies to test their innovative products in a safe and controlled […]

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