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Singapore regulator aims to support ‘fintech experiments’ through regulatory sandbox
Financial services firms, technology companies and other “non-financial players” in Singapore will have the chance to test new financial technology products and services in an environment where some regulatory requirements are relaxed under new plans announced by the country’s financial regulator.07 Jun 2016
The Monetary Authority of Singapore (MAS) said the ‘regulatory sandbox’ will enable businesses to “experiment with financial technology (fintech) solutions”.
Many businesses operating in Singapore will be eager to participate in the sandbox initiative, said technology law expert Bryan Tan of Pinsent Masons MPillay, the Singapore joint venture partner of Pinsent Masons, the law firm behind Out-Law.com.
“The Singapore government has a strong record in supporting innovation by businesses and this is also reflected in the work of MAS in the area of fintech,” Tan said. “Singapore is one of the world’s main financial hubs and there is a recognition that to maintain and grow that position the country must embrace the fintech revolution. The recent promotion of the use of APIs in banking in Singapore highlights the importance being put on supporting fintech developments.”
“There are already a number of innovative firms operating in Singapore and it is likely that crowdfunding and crowdsourcing start-ups will be among the first to seek to take advantage of the regulatory sandbox testing environment. Crowdfunding and crowdsourcing is the most lucrative area of fintech in Singapore but it remains among the most challenging from a regulatory perspective. It is likely that firms developing new payment technologies or robo-advice tools will also be eager to participate in the testing,” he said.
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