Comprehensive Securities Services Provider for Digital Securities, Propine Admitted to the Singapore Fintech Regulatory Sandbox

Propine was admitted to the sandbox that was set up by the Monetary Authority of Singapore (MAS), the country’s de facto central bank. Propine, was inducted into the sandbox to provide custody to digital securities. The sandbox period will commence on 8th November 2019. 

The Singapore based comprehensive securities services provider for digital securities is a product of Entrepreneur First, backed by Decacorn Capital, LuneX, SG Innovate and MTZ. Propine is the first end-to-end securities services firm built for digital securities from ground up. 

Propine offers a full range of services adapted to the latest financial markets and regulatory trends: custody, asset servicing, trade settlement, entitlement checks, investor reporting, cap table management, statutory reconciliations and regulatory reporting.

Speaking about the admission into the Fintech Sandbox, Tuhina Singh, the Chief Executive Officer and Co-founder of Propine said:


“We are extremely glad that we are going to be a part of the fintech sandbox. Singapore is one of the most progressive economies in terms of support and in providing a platform for innovative solutions such as ours to experiment, build and thrive. The regulatory sandbox is a great step for us as we move into a more organized and regulated world for blockchain. A supportive initiative like this will propel the country’s rich history of innovation to much greater heights along with growing companies such as ours”


The Regulatory Sandbox

 Setup by Monetary Authority of Singapore, Singapore’s de facto central bank, the sandbox was created in 2016 as one of the most progressive ideas to nurture, support and accelerate the innovation of fintech startups in Singapore. The sandbox is an environment for FinTech experiments while able to contain consequences of failure. 

The organisations included in the sandbox are emerging financial products or services that may possibly have uncertainty over whether the innovation meets regulatory requirements which pass certain evaluation criteria as set by the Monetary Authority which are: 

Use technology in an innovative way

The proposed financial service includes new or emerging technology, or uses existing     technology in an innovative way. For example, secondary research should show that few or no comparable offerings are available in the Singapore market

Bring benefits to consumers and/or industry

The proposed financial service addresses a problem, or brings benefits to consumers or the industry. For example, these could be supported by evidence from relevant consumer or industry research

Deploy in Singapore on a broader scale

The applicant has the intention and ability to deploy the proposed financial service in Singapore on a broader scale after exiting the sandbox.

Clearly-defined test scenarios and expected outcomes

The test scenarios and expected outcomes of the sandbox experimentation should be clearly defined, and the sandbox entity should report to MAS on the test progress based on an agreed schedule

Clearly-defined boundary conditions

The appropriate boundary conditions should be clearly defined, for the sandbox to be meaningfully executed while sufficiently protecting the interests of consumers and maintaining the safety and soundness of the industry

Significant risks assessed and mitigated

Significant risks arising from the proposed financial service should be assessed and mitigated

Clearly-defined exit and transition strategy

An acceptable exit and transition strategy should be clearly defined in the event that the proposed financial service has to be discontinued, or can proceed to be deployed on a broader scale after exiting the sandbox.

Owing to the robust plan presented by Propine, the regulatory sandbox of MAS will feature Propine as the provider of custodial solutions under controlled regulations which would enable a smooth transition into large scale deployment of the technology and the solutions in Singapore. 

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