A locally based digital insurance manager platform has become the first entrant to the regulatory «sandbox» in Singapore.
In June 2016 the Monetary Authority of Singapore (MAS) released a consultation paper on proposed guidelines for a «regulatory sandbox» to enable financial institutions (FIs) as well as non-financial players to experiment with financial technology solutions.
Singapore's PolicyPal has taken up the opportunity and becomes the first startup to receive approval from MAS to enter the regulatory sandbox.
Six Month Test
According to the fintech firm PolicyPal was started out of frustration with buying and managing insurance, dealing with paperwork and emails as well as the need to keep track of renewal dates.
The firm will be testing their solution over a 6-month period starting from 2 March 2017 by partnering with NTUC Income and Etiqa Insurance to distribute insurance products to consumers via their PolicyPal app.
