The United Kingdom (UK) and Singapore held the 7th UK-Singapore Financial Dialogue in Singapore today. Both countries renewed their commitment to deepening the UK-Singapore Financial Partnership that was agreed in 2021, discussed mutual priorities such as sustainable finance, FinTech and innovation, and agreed on further cooperation in these areas.
MAS Enhances FinTech Regulatory Sandbox with Sandbox Plus
Singapore, 9 November 2021... The Monetary Authority of Singapore (MAS) today announced three enhancements to its FinTech Regulatory Sandbox framework to further catalyse financial innovation and FinTech adoption.
2 MAS launched the FinTech Regulatory Sandbox in 2016 to encourage and enable experimentation of technology innovation to deliver financial products and services. The Regulatory Sandbox, which is fully bespoke, was enhanced with Sandbox Express in 2019 to provide firms with a faster option for market testing in pre-defined environments.
3 With Sandbox Plus, MAS will make three enhancements to provide more effective one-stop assistance for firms looking to introduce innovative products and services that are regulated by MAS. Sandbox Plus will take effect on 1 January 2022. These enhancements include:
a. Expansion of eligibility criteria to include early adopters of technology innovation. Currently, a company is eligible for sandbox only if no similar implementations were observed in Singapore. By expanding support beyond first movers to early adopters, Sandbox Plus aims to provide a more conducive environment for new technology innovations to gain broader traction in Singapore, and provide more options to consumers and businesses.
b. Streamlined application with financial grant. First movers of technology innovation can concurrently apply to enter the Regulatory Sandbox and receive a financial grant
c. Participation in Deal Fridays. Eligible applicants will be enrolled in the Deal Fridays programme – a platform for deal-making opportunities
4 Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “FinTech is reshaping financial services at a rapid pace. Sandbox Plus reflects MAS’ ongoing commitment to support promising technology innovation to take root in Singapore by providing innovators with more effective one-stop support. We hope this will further catalyse new business models with innovative technology in aspiring financial institutions, bringing greater benefits to consumers and the industry.”