Singapore, 14 November 2018… The Monetary Authority
of Singapore (MAS) today released a consultation paper on the creation of
pre-defined sandboxes, known as Sandbox Express, to complement the existing
FinTech Regulatory Sandbox that was launched in 2016. The aim is to enable
firms which intend to conduct regulated activities to embark on experiments
more quickly, without needing to go through the existing bespoke sandbox application
and approval process.
The Sandbox Express is suitable for activities where
the risks are generally low, or well understood and could be reasonably
contained within the specific pre-defined sandbox. As a start, it will include
sandboxes specifically pre-defined for insurance broking, recognised market
operators and remittance businesses.
Each pre-defined sandbox will have its boundaries,
expectations and regulatory reliefs pre-determined. The applicant must declare
that it is able to fully comply with all expectations of the pre-defined
sandbox that it has applied for, which includes providing clear disclosure and
obtaining an acknowledgement from the user before the user can be on-boarded as
MAS will assess applications based only on two criteria
– (i) technological innovativeness of the financial service, and (ii) fitness
and propriety of the applicant’s key stakeholders. The applications will be
fast-tracked, with approval decisions granted within 21 days. An approved
pre-defined sandbox entity will be required to submit periodic progress reports
to MAS as well as ensure that the pre-defined sandbox expectations are adhered
Mr Sopnendu Mohanty, Chief FinTech Officer of MAS,
said, “We are heartened that the FinTech Regulatory Sandbox has been well
received by the industry. We have engaged with more than 150 FinTech players
since the Sandbox was launched; and a number of firms have experimented in the
sandbox. To facilitate quicker experimentation and faster introduction of
innovative financial services to the market, we are now offering the option of
Madam Christine Largarde, the managing director of
International Monetary Fund. Since July 2011, she has been the eleventh and
first woman Managing Director of the IMF. She has been re elected for a
five-year term as of July 4, 2016.
A lawyer ny background, she practiced for 20 years
with the international law firm Baker McKenzie, of which she became global
chairman in 1999.
In 2005, Christine joined the French government as Trade Secretary. Two
years later, she became the first woman to hold the post of Finance and Economy
Minister of a G7 country.