Singapore has eased the approval process for fintech companies looking to trial their products in a sandbox environment, slashing the time it takes to 21 days if applicants adhere to standard disclosures and pre-determined rules. It also has implemented new legislation aimed at enhancing the cybersecurity posture of financial organisations, outlining mandatory requirements with which these businesses will have to comply by August 2020.
Monetary Authority of Singapore (MAS) said the new Sandbox Express option would allow fintech companies to more quickly test their products and services in the market compared to the existing FinTech Regulatory Sandbox, which required them to spend more time customising their sandboxes.
Launched in 2016, the existing sandbox regulations still would be available to applicants with more complex business models or for products that required more time to assess potential risks of running such running such tests, the industry regulatory said in a statement Wednesday.
Because the Express route comprised standard disclosures…
