Data on Applications for MAS' FinTech Regulatory Sandbox Framework

4 Ms He Ting Ru asked the Prime Minister and Minister for Finance (a) since 2016, how many entities have joined one of MAS' regulatory sandboxes, broken down by the three sandbox categories; (b) what is the median processing time for applications; (c) how many entities obtained a relevant licence after graduation; and (d) how many have ceased operations in Singapore at the end of September.

Mr Gan Kim Yong (for the Prime Minister): The breakdown across each of the three categories is as follows:

Some applicants were not accepted into the Sandbox as existing regulatory frameworks already allowed for their business models to operate. For Sandbox Plus, there were no approvals so far as most applications received were based on technologies and solutions that already exist in Singapore.

The median processing time for Sandbox applications, from submission to outcome notification, is around three months. This includes the time taken for applicants to respond to the Monetary Authority of Singapore's clarifications. Of the 19 firms accepted into the Sandbox, 15 firms have successfully graduated from the Sandbox and obtained relevant licences to operate as fully regulated financial services providers in Singapore. One firm that had graduated from the Sandbox ceased operations.