Monetary Authority of Singapore: Regulatory sandbox is a supportive policy for fintech companies including blockchain companies

According to Xinhua Finance, Singapore responds to the development of fintech with an open mind. To support the innovation of fintech companies, the Monetary Authority of Singapore has adopted a “regulatory sandbox” system. In an interview at the Singapore FinTech Festival 2019, Meng Wenneng, the director of the Monetary Authority of Singapore, said that for fintech, Singapore needs to have very intelligent supervision to allow innovation and encourage innovation, but at the same time it must manage risks. Damien Pang, deputy chief financial technology officer of the Singapore Monetary Authority, told reporters that for financial technology companies including blockchain companies, the regulatory sandbox of the Singapore Monetary Authority is mainly a supportive policy. Blockchain industry believes that in the future, the Singapore Monetary Authority will introduce more support and regulatory measures in terms of settlement facilitation, cash transactions, asset securitization, etc., so that the entire FinTech ecosystem can run more smoothly, cost less, and be more efficient. .