Regulatory Sandboxes in the UK and Singapore: A Preliminary Survey

Regulating FinTech in Asia: Global Context, Local Perspectives (Mark Fenwick, Steven Van Uytsel and Bi Ying ed., Forthcoming, August 2020)

22 Pages Posted: 14 Sep 2019 Last revised: 14 Feb 2020

See all articles by Christopher C. Chen

Christopher C. Chen

Singapore Management University School of Law

Date Written: September 6, 2019

Abstract

After the UK launched the first regulatory sandbox regime in 2016, the approach was quickly transplanted to numerous other countries as a means of promoting innovation, improving competition and enhancing financial inclusion. However, it remains unclear whether the approach can effectively achieve the relevant policy goals and thus justify the differential regulatory treatment. This paper provides a broad overview of the regulatory sandbox regime and examines its potential benefits and problems. The paper then provides some empirical evidence by analysing the sandboxes awarded in the UK and Singapore between 2016 and 2018 with the aim of identifying what the businesses awarded the sandboxes are doing, the services they provide and their current regulatory status against the backdrop of the financial technology revolution. These cases provide a basis on which to assess the effectiveness of the regulatory sandbox approach in its infancy stage and provide some reflections for regulators.

Keywords: financial technology, fintech, regulatory sandbox, innovation, financial regulation

Suggested Citation

Chen, Christopher C., Regulatory Sandboxes in the UK and Singapore: A Preliminary Survey (September 6, 2019). Regulating FinTech in Asia: Global Context, Local Perspectives (Mark Fenwick, Steven Van Uytsel and Bi Ying ed., Forthcoming, August 2020). Available at SSRN: https://ssrn.com/abstract=3448901 or http://dx.doi.org/10.2139/ssrn.3448901

Christopher C. Chen (Contact Author)

Singapore Management University School of Law ( email )

55 Armenian Street
Singapore, 179943
Singapore

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