Technology is changing and even revolutionising how businesses work. And Singapore is on the short list of countries where foreign enterprisers decide to set up financial technology businesses, as this where fintech comes from. With more than 200 banks operating here, Singapore has established itself as a fintech hub in Southeast Asia.
Today, the finance industry in Singapore is experiencing the most transformative period of evolution in its history. The demands made of both B2B and B2C solutions are greater than they have ever been – customers/clients require more effective, more cost-efficient and more sophisticated products and processes, and both incumbents and upstarts are required to develop unique, innovative solutions to cater for this demand.
How to Register for the Singapore Fintech Regulatory Sandbox
To register for Singapore’s Fintech regulatory sandbox, start by downloading the necessary registration forms from MAS’ Regulatory Sandbox Portal. Once you submit a request for registration, MAS will process your application within 21 working days, upon which time you’ll find out if your application was successful or not.
If your application is initially successful, you will go into an evaluation period in which you will work closely with MAS to make adjustments to your application. This evaluation period will vary in length, depending on your circumstances.
Once fully approved, MAS will send you written approval of your application permitting the previously negotiated regulatory relaxations, and the time period you will be allowed to operate in the sandbox environment.
While operating the fintech regulatory sandbox, a fintech company in Singapore must declare its status to customers, and inform them of any risks they may encounter while dealing with it. The company’s details must also be disclosed on MAS’ online Regulatory Sandbox Portal.
If you want to make any changes to your fintech company in Singapore while in the fintech regulatory sandbox, you will need to send a change request to MAS one month in advance of actioning the changes.
Learn more about starting a FinTech company in Singapore at Rikvin.com.
