sg-crest A Singapore Government Agency Website

Sandbox Express

Sandbox Express provides firms with a faster option to test certain innovative financial products and services in the market. Eligible applicants can begin market testing in the pre-defined environment of Sandbox Express within 21 days of applying to MAS.

For a start, Sandbox Express will be available specifically for:

(a) carrying on business as an insurance broker; and

(b) establishing or operating an organised market.

Note: With effect from 7 January 2020, Sandbox Express will not be available for remittance business, as the Money-Changing and Remittance Businesses Act ("MCRBA") will be repealed upon the commencement of the Payment Services Act 2019 ("PS Act") on 28 January 2020. For more information, please refer to paragraph 2.5 and 6.3 of the Response to Feedback Received on Sandbox Express issued on 7 August 2019.

Key Resources

Sandbox Express Guidelines
Annex A Sandbox Constructs
Annex B Application Form
Annex C Progress Reporting Form
Response to Feedback Received

List of Sandbox Express Experiments

LabyrinthX Technologies Pte. Ltd.

Sandbox Period: 1 Aug 2022 - 30 Apr 2023

Category: Recognised Market Operator (RMO)

Key Business Activities: Trading platform for securities and units in collective investment schemes only

Website: https://www.agx.co/

Address: 151 Chin Swee Road, #07-12 Manhattan House, Singapore 169876

Telephone: +65 6980 7783

Key Risk Disclosure:

  1. LabyrinthX Technologies Pte. Ltd. is not supervised by MAS.
  2. The financial service or product may be discontinued by LabyrinthX Technologies Pte. Ltd., or may be required by MAS to be discontinued, during the sandbox period.
  3. LabyrinthX Technologies Pte. Ltd.'s continued operations after the sandbox period would be subject to LabyrinthX Technologies Pte. Ltd. obtaining the required regulatory approvals from MAS.
  4. LabyrinthX Technologies Pte. Ltd. may decide to discontinue its service after the sandbox period.
  5. LabyrinthX Technologies Pte. Ltd. is not permitted to allow individuals to be provided access to trade on the organised market that it operates, as customers.
  6. LabyrinthX Technologies Pte. Ltd. is not permitted to hold any customer's monies.
  7. LabyrinthX Technologies Pte. Ltd. is not permitted to participate as a participant, or enter into any transaction as a principal, in the organised market that it operates.
  8. Clients of LabyrinthX Technologies Pte. Ltd. will not have access to the dispute resolution scheme managed by the Financial Industry Disputes Resolution Centre (FIDReC).
Trade Risk Solutions Pte Ltd

Sandbox Period: 1 Apr 2022 - 31 Dec 2022

Category: Insurance broker

Key Business Activities: Direct insurance broking

Website: https://www.trade-risksol.com/

Address: 9 Temasek Boulevard, #32-01 Suntec Tower 2, Singapore 038989

Telephone: +65 6238 0888

Key Risk Disclosure:

  1. Trade Risk Solutions Pte Ltd is not supervised by MAS.
  2. The financial service or product may be discontinued by Trade Risk Solutions Pte Ltd, or may be required by MAS to be discontinued, during the sandbox period.
  3. Trade Risk Solutions Pte Ltd's continued operations after the sandbox period would be subject to Trade Risk Solutions Pte Ltd obtaining the required regulatory approvals from MAS.
  4. Trade Risk Solutions Pte Ltd may decide to discontinue its service after the sandbox period.
  5. Trade Risk Solutions Pte Ltd is not permitted to accept or handle any customer's monies.
  6. Trade Risk Solutions Pte Ltd is not permitted to negotiate any contract or insurance with an insurer (directly or indirectly) except with a licensed insurer acting in the course of its business.
  7. Clients of Trade Risk Solutions Pte Ltd will not have access to the dispute resolution scheme managed by the Financial Industry Disputes Resolution Centre (FIDReC).
Pand.ai Pte Ltd - exited Sandbox Express on 7 Mar 2022

Sandbox Period: 8 Jun 2021 - 7 Mar 2022

Category: Insurance broker

Key Business Activities: Direct insurance broking

Website: https://www.gina.sg/

Address: 80 Robinson Road, #08-01, 80RR FinTech Hub SG, Singapore 068898

Telephone: +65 8767 5409

Key Risk Disclosure:

  1. Pand.ai Pte Ltd has completed its experiment and exited Sandbox Express on 7 Mar 2022.
  2. With effect from 8 Mar 2022, Pand.ai Pte Ltd is registered as a direct insurance broker under section 76 of the Insurance Act.
  3. For more information, please refer to the Financial Institutions Directory.