MAS (monetary Authority of Singapore) creates a Sand box for fintech

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.
link