MAS launches Sandbox Express

The Monetary Authority of Singapore (“MAS“) announced on 7 August 2019 that it has launched the Sandbox Express.

The Sandbox Express provides businesses with a faster option to test certain innovative financial products and services in the market. Eligible applicants can begin market testing in the pre-defined environment of up to 9 months in the Sandbox Express within 21 days of applying to MAS.

For a start, Sandbox Express will be available specifically for:

(a) carrying on business as an insurance broker;

(b) establishing or operating an organised market; and

(c) remittance business.

The existing FinTech Regulatory Sandbox regime will continue to be available for other businesses, in particular with more complex business models or where MAS requires more time to understand the risks of the activities.

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