MAS FinTech Regulatory Sandbox

Introduction

Against the backdrop of a rapidly evolving financial technology (FinTech) landscape, emerging financial products or services that utilise FinTech are becoming more sophisticated and there may be uncertainty over whether the innovation meets regulatory requirements.

In circumstances where it is less clear whether a new financial product or service complies with legal and regulatory requirements, some financial institutions (FIs) or start-ups may err on the side of caution and choose not to implement it. This outcome is undesirable as promising innovations may be stifled and this may result in missed opportunities.

MAS is encouraging more FinTech experimentation so that promising innovations can be tested in the market and have a chance for wider adoption, in Singapore and abroad. The regulatory sandbox will enable FIs as well as FinTech players to experiment with innovative financial products or services in the production environment but within a well-defined space and duration. It shall also include appropriate safeguards to contain the consequences of failure and maintain the overall safety and soundness of the financial system.

Depending on the experiment, MAS will provide the appropriate regulatory support by relaxing specific legal and regulatory requirements prescribed by MAS, which the sandbox entity will otherwise be subject to, for the duration of the sandbox.

Upon successful experimentation and on exiting the sandbox, the sandbox entity must fully comply with the relevant legal and regulatory requirements.

The guidelines set out the objective and principles of the sandbox, and provide guidance to the applicant on the application process and the information to be furnished to MAS.

If you have any question regarding the sandbox, please approach your MAS Review Officer, or email fintech_sandbox@mas.gov.sg.

 

Active Sandbox Experiments

Sandbox Entity

Start Date of the Sandbox Period

Expiry Date of the Sandbox Period

Remarks

Company Name: PolicyPal Pte Ltd

Incorporated In: Singapore

Address: BASH at #03-01, 79 Ayer Rajah Crescent, Singapore 139955

Telephone: +65 8691 1180

Institution Type: Insurance Brokers, Financial Advisers

02 Mar 2017 31 Aug 2017

Clients of PolicyPal will not have access to the dispute resolution scheme managed by the Financial Industry Disputes Resolution Centre (FIDReC).

 

Are you thinking about purchasing a product or engaging the services of a company that is operating in the sandbox? Find out more here.

Last Modified on 13/03/2017