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will not be available for remittance business, as the Money-Changing and Remittance Businesses Act ("MCRBA") will be repealed upon the commencement of the Payment Services Act 2019 ("PS Act") on 28 January 2020.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 (0.99 MB)
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

ECXX Global Pte Ltd

Sandbox Period: 15 Aug 2020 - 14 May 2021

Category: Recognised Market Operator (RMO)

Key Business Activities: Trading platform for securities only

Website: https://www.ecxx.co/

Address: 60 Paya Lebar Road, #10-12 Paya Lebar Square, Singapore 409051

Telephone: +65 6386 6037

Key Risk Disclosure:

  1. ECXX Global Pte Ltd is not supervised by MAS.
  2. The financial service or product may be discontinued by ECXX Global Pte Ltd, or may be required by MAS to be discontinued, during the sandbox period.
  3. ECXX Global Pte Ltd's continued operations after the sandbox period would be subject to ECXX Global Pte Ltd obtaining the required regulatory approvals from MAS.
  4. ECXX Global Pte Ltd may decide to discontinue its service after the sandbox period.
  5. ECXX Global Pte Ltd is not permitted to allow individuals to be provided access to trade on the organised market that it operates, as customers.
  6. ECXX Global Pte Ltd is not permitted to hold any customer's monies.
  7. ECXX Global 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 ECXX Global Pte Ltd will not have access to the dispute resolution scheme managed by the Financial Industry Disputes Resolution Centre (FIDReC).
BondEvalue Pte Ltd

Sandbox Period: 02 Oct 2019 - 01 Oct 2020

Category: Recognised Market Operator (RMO)

Key Business Activities: Trading platform for bonds only

Website: https://bondevalue.com/bond-exchange/

Address: 3 Shenton Way, #15-06 Shenton House, Singapore 068805

Telephone: +65 6908 2985

Key Risk Disclosure:

  1. BondEvalue Pte Ltd is not supervised by MAS.
  2. The financial service or product may be discontinued by BondEvalue Pte Ltd, or may be required by MAS to be discontinued, during the sandbox period.
  3. BondEvalue Pte Ltd's continued operations after the sandbox period would be subject to BondEvalue Pte Ltd obtaining the required regulatory approvals from MAS.
  4. BondEvalue Pte Ltd may decide to discontinue its service after the sandbox period.
  5. BondEvalue Pte Ltd is not permitted to allow individuals to be provided access to trade on the organised market that it operates, as customers.
  6. BondEvalue Pte Ltd is not permitted to hold any customer's monies.
  7. BondEvalue 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 BondEvalue 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 from 01 Jul 2020 to 01 Oct 2020.
Synoption Pte Ltd

Sandbox Period: 01 Jan 2020 - 31 Dec 2020

Category: Recognised Market Operator (RMO)

Key Business Activities: Trading platform for FX options only

Website: https://www.synoption.com/

Address: 5 Shenton Way, #10-01 UIC Building, Singapore 068808

Telephone: +65 9459 1259

Key Risk Disclosure:

  1. Synoption Pte Ltd is not supervised by MAS.
  2. The financial service or product may be discontinued by Synoption Pte Ltd, or may be required by MAS to be discontinued, during the sandbox period.
  3. Synoption Pte Ltd's continued operations after the sandbox period would be subject to Synoption Pte Ltd obtaining the required regulatory approvals from MAS.
  4. Synoption Pte Ltd may decide to discontinue its service after the sandbox period.
  5. Synoption Pte Ltd is not permitted to allow individuals to be provided access to trade on the organised market that it operates, as customers.
  6. Synoption Pte Ltd is not permitted to hold any customer's monies.
  7. Synoption 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 Synoption 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 from 30 Sep 2020 to 31 Dec 2020.