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Komfie Manalo, Opalesque Asia:

The Monetary Authority of Singapore has proposed a regulatory sandbox approach (Sandbox) aimed at carving out a safe and conducive space to experiment with financial technology (FinTech) solutions. The proposals are contained in a consultation paper entitled "Consultation Paper on FinTech Regulatory Sandbox Guidelines".

The proposals aim to transform Singapore into a smart financial center by encouraging the adoption of innovative and safe technology in the financial sector. To this end, the Sandbox is intended to encourage more FinTech experimentations within a well-defined space and duration where MAS will provide regulatory support by relaxing specific legal and regulatory requirements. Below is a summary of the proposed operation of the Sandbox.

The MAS proposes using the following criteria to assess an applicant’s proposal. The proposal should contain the necessary supporting information to depict whether:

• The applicant has the intention and ability to deploy the FinTech solution in Singapore on a broader scale after exiting the Sandbox;
• The FinTech solution is technologically innovative and addresses a significant problem or issue or brings benefits to consumers or the industry;
• The Sandbox test scenarios and outcomes are clearly defined and the applicant will report to MAS on the test progress based on an a......................

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