Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has launched guidelines for its FinTech Regulatory Sandbox, which is now open for applications.
The regulatory sandbox is available to financial institutions or any interested firm that wishes to experiment with innovative financial services in a production environment but within a defined space and duration.
The guidelines explain the objectives of the regulatory sandbox and provide guidance on the application process including:
- A template application form; and
- A practical example to illustrate MAS’ expectations on matters such as the evaluation criteria for entry into the sandbox. Applications for entry into the regulatory sandbox may be made at any time.
For further information on the requirements of the new guidelines please read full update.