MAS proposes a regulatory sandbox for fintech startups

Regulation | June 8, 2016 By:

The Monetary Authority of Singapore (MAS) has issued a proposal for a regulatory sandbox for fintech startups and pilot schemes.

The proposal aims to enable firms to experiment with new technology in an environment of relaxed rules and appropriate safeguards. The consultation will last from June 6th to July 8th.

“MAS aims to provide a responsive and forward-looking regulatory approach that will enable promising FinTech innovations to develop and flourish. The sandbox will help reduce regulatory friction and provide a safer environment for FinTech experiments. We believe this will give innovations a better chance to take root,” said Jacqueline Loh, Deputy Managing Director of MAS.

The Monetary Authority of Singapore is Singapore’s central bank and financial regulatory authority.