Sandbox Express

Sandbox Express provides firms 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 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; and

(b) establishing or operating an organised market.

Note: With effect from 7 January 2020, Sandbox Express will not be available for remittance business, as the Money-Changing and Remittance Businesses Act ("MCRBA") will be repealed upon the commencement of the Payment Services Act 2019 ("PS Act") on 28 January 2020. For more information, please refer to paragraph 2.5 and 6.3 of the Response to Feedback Received on Sandbox Express issued on 7 August 2019.

Key Resources

Sandbox Express Guidelines (615.4 KB)
Annex A Sandbox Constructs (381.6 KB)
Annex B Application Form (138 KB)
Annex C Progress Reporting Form (55.3 KB)
Response to Feedback Received (797.7 KB)

List of Sandbox Express Experiments

LabyrinthX Technologies Pte. Ltd.

Sandbox Period: 1 Aug 2022 - 31 Jul 2023

Category: Recognised Market Operator (RMO)

Key Business Activities: Trading platform for securities and units in collective investment schemes only

Website: https://www.agx.co/

Address: 151 Chin Swee Road, #07-12 Manhattan House, Singapore 169876

Telephone: +65 6980 7783

Key Risk Disclosure:

  1. LabyrinthX Technologies Pte. Ltd. is not supervised by MAS.
  2. The financial service or product may be discontinued by LabyrinthX Technologies Pte. Ltd., or may be required by MAS to be discontinued, during the sandbox period.
  3. LabyrinthX Technologies Pte. Ltd.'s continued operations after the sandbox period would be subject to LabyrinthX Technologies Pte. Ltd. obtaining the required regulatory approvals from MAS.
  4. LabyrinthX Technologies Pte. Ltd. may decide to discontinue its service after the sandbox period.
  5. LabyrinthX Technologies Pte. Ltd. is not permitted to allow individuals to be provided access to trade on the organised market that it operates, as customers.
  6. LabyrinthX Technologies Pte. Ltd. is not permitted to hold any customer's monies.
  7. LabyrinthX Technologies Pte. Ltd. is not permitted to participate as a participant, or enter into any transaction as a principal, in the organised market that it operates.
  8. Clients of LabyrinthX Technologies Pte. Ltd. will not have access to the dispute resolution scheme managed by the Financial Industry Disputes Resolution Centre (FIDReC).
  9. The sandbox expiry date has been extended to 31 Jul 2023.
Trade Risk Solutions Pte Ltd - exited Sandbox Express on 31 Dec 2022

Sandbox Period: 1 Apr 2022 - 31 Dec 2022

Category: Insurance broker

Key Business Activities: Direct insurance broking

Website: https://www.trade-risksol.com/

Address: 9 Temasek Boulevard, #32-01 Suntec Tower 2, Singapore 038989

Telephone: +65 6238 0888

Key Risk Disclosure:

  1. Trade Risk Solutions Pte Ltd has completed its experiment and exited Sandbox Express on 31 Dec 2022.
  2. With effect from 1 Jan 2023, Trade Risk Solutions Pte Ltd is registered as a direct insurance broker under section 76 of the Insurance Act.
  3. For more information, please refer to the Financial Institutions Directory.