The Monetary Authority of Singapore (MAS), the country’s central bank, has introduced Sandbox Express to facilitate faster testing of innovative financial services.

Through Sandbox Express, eligible applicants can start trials within 21 days of applying to the regulator.

The sandbox can only be used for low-risk and well-understood activities.

It depends on standard disclosures and pre-determined rules to lessen the approval time for entry.

Initially, it will be open to insurance brokers, recognised market operators and remittance firms.

Approval takes longer time through the current FinTech Regulatory Sandbox, which facilitates more complex business plans.

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Firms can conduct experiments in Sandbox Express for up to nine months.

MAS will supervise the functioning of the sandbox, with participants required to provide progress reports to the regulator.

Plans are on to expand the range of financial products offered through Sandbox Express later.

MAS chief fintech officer Sopnendu Mohanty said: “For innovation to take root, it is important for ideas to be tested quickly and in a safe environment.

“Sandbox Express aims to achieve this through appropriate disclosures and pre-defined rules.

“This introduction of Sandbox Express builds on the experience we have gained from running the FinTech Regulatory Sandbox and reflects our commitment to encouraging more experimentation and greater adoption of innovative technologies in the financial sector.”