Monetary Authority of Singapore plans launch of Sandbox Express

Maria Nikolova

The aim of Sandbox Express is to enable firms that plan to conduct regulated activities to embark on experiments more quickly, without having to go through the existing bespoke sandbox application and approval process.

The Monetary Authority of Singapore (MAS) continues its fintech-orientated efforts. The regulator today released a consultation paper on the creation of pre-defined sandboxes, known as Sandbox Express.

The program is set to complement the existing FinTech Regulatory Sandbox that was launched in 2016. The purpose of Sandbox Express is to enable firms that plan to conduct regulated activities to embark on experiments more quickly, without having to go through the existing bespoke sandbox application and approval process.

MAS explains that 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.

MAS will assess applications based only on two criteria:

  1. technological innovativeness of the financial service, and

  2. 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 to.

Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said that more than 150 FinTech players had been engaged in the project since the Sandbox was launched; and a number of firms have experimented in the sandbox.

The public consultation will run from November 14, 2018, to December 13, 2018.

Talking of financial innovation, let’s note that earlier this week, MAS outlined the Principles for the use of artificial intelligence and data analytics (AIDA) in decision-making in the provision of financial products and services.

Among these key principles is that of transparency, with the regulator noting that a balance should be struck in this respect. Whereas increased transparency in AIDA firms’ use of AIDA could improve public understanding and confidence in AIDA, excessive transparency could create confusion or unintended opportunities for individuals to exploit or manipulate AIDA models, MAS says. It is important to balance these considerations in determining the appropriate level of transparency in the use of AIDA.

Read this next

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

<