Entering The Sandbox - Guidelines Released For Fintech Entrepreneurs And Entities

Guidelines on entering the Sandbox

On 16 November 2016 the Monetary Authority of Singapore (MAS) released its "regulatory sandbox" (Sandbox) guidelines for FinTech experiments to be conducted in a controlled environment after incorporating market feedback and road-testing against actual applications and potential experiments that may enter the Sandbox soon.

Given that the financial services industry is heavily regulated and touches our lives in many ways on a daily basis (from opening a bank account to payments to investments and more), the purpose of setting up the Sandbox is to allow finance technology (FinTech) experiments to take place within a controlled environment where legal and regulatory requirements are relaxed in certain relevant aspects in order for the new technology to be tested before being applied on a broader scale.