Regulatory Sandbox

The FinTech Regulatory Sandbox enables financial institutions and FinTech players to experiment with innovative financial products or services in a live environment but within a well-defined space and duration.

It includes appropriate safeguards to contain the consequences of failure and maintain the overall safety and soundness of the financial system.

How It Works

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.  

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

Key Resources:
Regulatory Sandbox Guidelines
(690.4 KB)
Regulatory Sandbox Infographic (314.9 KB)
Regulatory Sandbox FAQs (196.5 KB)
Regulatory Sandbox Application Template (44.1 KB)
Response to Feedback Received (929.9 KB)

Experimenting in the Sandbox

All active sandbox experiments are listed in the table below:
Sandbox Entity Start of Sandbox Period Expiry of Sandbox Period Remarks

Company: ICHX Tech Pte Ltd


Incorporated In:
Singapore


Address:
9 Temasek Boulevard #38-02A Suntec City Tower 2 Singapore 038989

 

Telephone: +65 6248 3955


Institution Type:
Dealing in Capital Markets Products, Providing Custodial Services, Recognised Market Operator

 
 01 May 2019  31 Jan 2020 Clients of ICHX Tech Pte Ltd will not have access to the dispute resolution scheme managed by the Financial Industry Disputes Resolution Centre (FIDReC).

Company: Inzsure Pte Ltd

 

Incorporated In: Singapore

 

Address: 20 Collyer Quay #09-01 Singapore 049319

 

Telephone: +65 9859 8880

 

Institution Type: Insurance Brokers

 01 Nov 2018  31 Oct 2019  Clients of Inzsure Pte Ltd will not have access to the dispute resolution scheme managed by the Financial Industry Disputes Resolution Centre (FIDReC).

The following entities have exited the sandbox and did not obtain the relevant regulatory status:
Sandbox Entity Start of Sandbox Period Expiry of Sandbox Period Remarks

Company: MetLife Innovation Centre Pte Ltd (MICPL)

Incorporated In: Singapore

Address: 9 North Buona Vista Drive,#20-05, Metropolis Tower One,Singapore 138588

Telephone: +65 6715 8809

Institution Type: Direct Insurer (General)
18 Jun 2018 17 Mar 2019

MICPL exited the sandbox on 17 Mar 2019.

With effect from 18 Mar 2019, MICPL can no longer carry on insurance business in Singapore.

 

MICPL has to fulfil all its contractual obligations to all of its policy owners.

Company: TransferFriend Pte Ltd

Incorporated In: Singapore

Address: 331 North Bridge Road, #02-01 Odeon Towers, Singapore 188720

Telephone: +65 3159 0029

Institution Type: Remittance Business
22 Jan 2018 21 Jul 2018

TransferFriend Pte Ltd exited the sandbox on 21 Jul 2018.

 

With effect from 22 Jul 2018, TransferFriend Pte Ltd is no longer licensed to advertise or carry on a remittance business in Singapore.

Engaging the Services of a Sandbox Entity

From time to time, MAS receives information on companies that have claimed to be approved by MAS to experiment in the sandbox. Consumers should exercise care when dealing with these companies or with other persons acting on their behalf. Find out who fall under the alert list here.

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