In order to provide more effective one-stop assistance for firms looking to introduce innovative products and services, the Monetary Authority of Singapore (MAS) has announced three enhancements to its FinTech Regulatory Sandbox framework.
Announcing this on the occasion of the Singapore FinTech Festival, Sopnendu Mohanty, Chief FinTech Officer, MAS, said Sandbox Plus reflects MAS’ ongoing commitment to supporting promising technology innovation to take root in Singapore by providing innovators with more effective one-stop support. This is expected to further catalyse new business models based on innovative technology in aspiring financial institutions, resulting in greater benefits for consumers and the industry, he added.
Sandbox Plus will take effect on 1 January 2022. With this, MAS will make three enhancements: The first enhancement is to broaden eligibility criteria to include early adopters of technology innovation. The second enhancement is a streamlined application process whereby first movers of technology innovation can concurrently apply to enter the Regulatory Sandbox and receive a financial grant in a single application. The third enhancement is the enrollment of eligible applicants in the Deal Fridays program – which serves as a platform for deal-making opportunities. The program will assist sandbox companies in gaining access to the external investor community, allowing them to benefit from the network, mentorship, and funding.
