The Monetary Authority of Singapore (MAS) has decided to create a “regulatory sandbox” for FinTech. What this means is that if any of you have an idea, product or service in financial industries - you can start-up, you don’t need prior approval from the MAS. A regulatory sandbox gives you a conducive environment to test and grow your ideas without having to apply for a licence or a permit. MAS only take a regulatory interest in you when you become big enough to be a major player. This gives you opportunities to be free to start-up and grow as quickly as you can.
Full opening speech from Dr Vivian Balakrishnan, Ministry in charge of of Smart Nation Initiative.
Matthias de Ferrieres has more than 15 years experience in the insurance industry in Asia.