Head of the Monetary Authority of Singapore (MAS) Ravi Menon said on a visit to New York “If you start regulating every one of those [referring to fintech companies], you stifle a lot of innovation, and they don’t get a chance to grow” so “only when they grow and reach a certain critical mass, which then poses a significant impact on the system, or it can affect a large number of consumers, then we step in to regulate. It’s always a fine balance”.
These comments appear to offer further clarity on the type of ‘sandbox’ to be expected in Singapore for Fintech firms. Most likely, we can expect a complete non-interventionist approach from Singapore.
For a more detailed description about the MAS’s general approach to fintech see speech by Menon here.